CRUNCH FITNESS acquired by LEONARD GREEN & PARTNERS
Context
The transaction involves the acquisition of a majority interest in Crunch Fitness by Leonard Green & Partners (LGP) from TPG Growth and other minority shareholders. This leveraged buyout marks a significant platform investment within the fitness and wellness sector, occurring after a period of substantial scale-up under previous ownership. The strategic rationale for LGP is predicated on the target's robust business fundamentals, including its successful hybrid model of corporate and franchised locations which offers significant operational leverage. The investment is designed to accelerate global footprint expansion and capitalize on the resilient consumer demand for affordable, high-quality health services. Post-deal objectives focus on further densifying presence in domestic markets while exploring untapped international territories through the recently optimized design protocols.
CRUNCH FITNESS, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
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Target
Crunch Fitness is a premier global operator and franchisor in the health and wellness industry, recognized for its pioneering fusion of fitness and entertainment. Established in New York, the company has successfully scaled a high-value, low-price (HVLP) business model that emphasizes inclusivity and a proprietary "No Judgments" philosophy. Its revenue streams are highly diversified, encompassing corporate-owned locations, a robust global franchise network, and innovative group programming. By positioning itself at the intersection of lifestyle and performance, the organization has captured a significant market share within the competitive fitness landscape, catering to a membership base that exceeds three million individuals. The entity’s value proposition is centered on modern gym designs and a culture that democratizes high-quality training. This strategic approach has allowed for rapid international expansion across multiple continents, maintaining a resilient growth trajectory.
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REFERENCES
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: crunch fitness
Acquirer: leonard green & partners