LOS
ANGELES and AUSTIN,
Texas, Aug. 1, 2024 /PRNewswire/ -- Meaningful
Partners, LLC today announced the closing of its
acquisition of Fitness Ventures, LLC, the second largest Crunch
Fitness franchisee. Founded by CEO Brian
Hibbard in 2016, Fitness Ventures is a leading health and
wellness platform that currently owns and operates 47 locations
with rights to develop clubs in multiple geographies across
the United States.
With over 2.5 million systemwide members and 460 locations,
Crunch Fitness is the fastest-growing big-box franchised fitness
club system in the high-value, low-price (HVLP) category.
Crunch has redefined HVLP with its comprehensive gym experience,
with top-quality cardio and strength training equipment, circuit
training, and HIITZone™ functional training area with indoor turf,
starting at $9.99 per month. Crunch's
members also enjoy various value-added amenities, such as personal
training, fitness assessments, Relax & Recover®️ services,
advanced HIIT classes, and childcare.
"We are extremely excited about our partnership with Meaningful
Partners as we continue to execute on our de novo and M&A
growth strategy," said Brian
Hibbard, CEO, Fitness Ventures. "The Meaningful team's
background and experience in rapid scaling of multi-unit locations
nationally makes them an ideal partner for our next growth phase.
Our team is energized and excited to get to work."
"Crunch Fitness provides one of the most relevant sets of
offerings at deep value, meeting a long-term consumer theme of
quality at value," said Amin
Maredia, Co-Founder & Managing Partner, Meaningful
Partners. "Under Brian's vision and leadership, Fitness Ventures
has systematically become the second-largest franchisee and has
built an exceptional team, capabilities, and winning culture
well-positioned for growth. These capabilities and an exceptionally
talented and dedicated management team make this an exciting
partnership and investment opportunity for Meaningful
Partners."
Jim Rowley, CEO, Crunch Fitness,
shares his respect for Meaningful Partners and its
accomplishments.
"We welcome Meaningful Partners to the Crunch family
through their significant investment in Fitness Ventures," said
Rowley. "This partnership reflects Meaningful Partners' progressive
view on Purposeful Growth Capital, a philosophy that aligns
perfectly with Crunch's commitment to innovation and excellence in
the fitness industry. Amin's leadership and vision have made a
profound impact, and we are excited about the potential this
partnership brings."
Rowley also highlights the incredible success of Brian Hibbard and his team and their trajectory
with the Crunch brand.
"Brian and team's achievements with Crunch Fitness have been
nothing short of extraordinary, and their appetite for growth
continues to drive our expansion and success," said Rowley. "With
the support of Meaningful Partners and the dedication of franchise
leaders like Brian Hibbard, Crunch
Fitness is poised for a future of unprecedented growth and
excellence."
Debt for the transaction is financed by the Credit Group of Ares
Management. Greenberg Traurig LLP represented Meaningful
Partners, LLC as legal counsel, and Latham & Watkins LLP
represented Fitness Ventures, LLC as legal counsel. Harris Williams and MOK Advisors acted as
financial advisors to Fitness Ventures, LLC. Terms of the
investment were not disclosed.
About Meaningful Partners, LLC
Meaningful Partners, with offices in Los Angeles, CA and Austin, TX, invests in purposeful consumer
businesses that have earned customer trust and loyalty, demonstrate
a commitment to all stakeholders, and are led by management teams
empowering positive purpose and performance. Meaningful Partners
makes control and minority equity investments typically ranging
from $10 million to $75+ million in
lower-middle market and high-growth companies. The firm is led by
an experienced investor and operator management team that leverages
an Expert Community of 45+ CEO/Founders and discipline experts with
over 850+ years of collective experience who bring relevant domain
expertise to help accelerate the growth and impact at our partner
companies. More at www.meaningfulpartners.com
About Fitness Ventures, LLC
Founded in 2016 by Brian Hibbard,
Fitness Ventures, LLC is one of the fastest-growing franchises
within the Crunch Fitness system. The Company operates 47 locations
across twenty-five states, with several more in development. With a
unique operating and development strategy and a keen focus on
execution, Fitness Ventures, LLC operates some of the highest
volume Crunch locations in the system and boasts industry-leading
financial returns. More at Home - Fitness Ventures, LLC
About Crunch Fitness
Crunch is a gym that believes in making serious exercise fun
by fusing fitness and entertainment and pioneering a philosophy of
'No Judgments.' Crunch serves a fitness community for all kinds of
people with all types of goals, exercising all different ways,
working it out at the same place together. Today, we are renowned
for creating one-of-a-kind group fitness classes and unique
programming for our wildly diverse members. Headquartered in
New York City, Crunch serves 2.5
million members with over 460 gyms worldwide in 41 states, the
District of Columbia, Australia, Canada, Costa
Rica, Portugal,
Puerto Rico, and Spain. Crunch is rapidly expanding across the
U.S. and around the globe. More at www.crunch.com
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