SAN FRANCISCO &. FORT WORTH, Texas &. NEW YORK–(BUSINESS WIRE)–TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, announced today that it's partnered with company management to acquire Crunch Fitness (Crunch). The transaction includes Crunch’s company-owned “Signature” facilities, as well as its global franchising business. Financial terms of the transaction weren't disclosed.
“The investment from TPG is a testament to Crunch’s distinct brand, great facilities. Strong management and club teams. Under the leadership of Ben Midgley and Keith Worts, we’ve been able to create a fun, team-focused. Fitness-minded atmosphere that our members, team. Franchise partners embrace and enjoy,” said Jim Rowley, CEO of Crunch. “With the support of our new partners at TPG, we’re well-positioned to accelerate this offering. We look forward to working together to enhance our capabilities and expand Crunch’s footprint across the globe.”
Founded in 1989 in New York City, Crunch “The Original No Judgments gym” is a leading health and fitness company. The company owns, operates. Franchises more than 300 fitness centers serving more than 1.3 million members across the United States, Australia, Canada. Spain. Crunch is led by Mark Mastrov and Jim Rowley, two industry veterans who previously built and ran 24 Hour Fitness. Mastrov and Rowley acquired Crunch with the private equity arm of Angelo Gordon in 2009 and began franchising the brand in 2010.
“At Crunch, we strive to provide our members with more than just a fitness experience. We’re a diverse community of real people that seeks to encourage, empower. Entertain,” said Mark Mastrov, Chairman of Crunch. “With TPG, we’ve found a partner who understands our vision and industry. They've a long history of working with companies to build authentic brands. We’re excited to welcome them to the Crunch team.”
NEW YORK--(BUSINESS WIRE)--Crunch, the health club chain renowned for fusing fitness and entertainment, today announced the appointment of Michael R. Jacobs as president and chief financial officer. As an industry leader with more than 25 years experience in operational management, retail development and corporate expansion, Jacobs will oversee the management of Crunch’s unique fitness business with 30 locations in the U.S.
“I’m thrilled to be joining Crunch and working alongside its talented leaders to accelerate the growth of the most innovative brand in the fitness industry,” said Jacobs. “It’s incredibly exciting to partner with CEO Tim Miller to leverage the powerful combination of our hospitality industry backgrounds to make the Crunch member experience unique, entertaining, and unparalleled by any other health club.”
Drawing on his extensive operational experience at B.R. Guest Restaurants, one of the hottest and fastest growing restaurant groups in the country, Jacobs will be responsible for Crunch’s growth strategy, financial planning and information management, all with an eye on the overall development of the brand and member experience....
With a range of membership options available, Crunch’s business model focuses on providing its members with a superior fitness offering at a compelling price point. Memberships include access to high-quality cardio and strength equipment, dynamic group classes. Personalized training programs. Crunch Signature, the brand’s premier offering, provides members with expanded facilities, upgraded amenities, dedicated RIDE and yoga studios, full-service locker rooms. More. Since the company launched its fast-growing franchising operation in 2010, it's represented one of the industry’s most progressive and competitive models. Crunch is actively pursuing franchise expansion, with several territories still available domestically and internationally.
“We partner with great management teams that drive their industry forward. Jim, Mark, Ben. Keith have pioneered a business model that's transformed Crunch into the innovative and inclusive community it's today,” said Jonathan Coslet, Chief Investment Officer at TPG. “We’re excited to partner with the Crunch team as they look to continue their growth, including their global franchise network.”
“Consumers across every age group are prioritizing health and wellness more than ever before. Crunch is capturing that consumer interest by providing a unique, high-quality and affordable gym experience,” said Chris Kelly of TPG Growth. “With more than 300 locations, the company has created a strong infrastructure for continued, meaningful growth.”
TPG’s investment in Crunch builds on the consumer team’s strategy of investing in companies that are creating elevated experiences that cater to the unique interests of consumers. In 2015, TPG partnered with Life Time, a comprehensive athletic lifestyle resorts chain focused on healthy living, healthy aging. Healthy entertainment. Other relevant investments include Beautycounter, an advocacy-driven beauty brand, Mendocino Farms, a chef-inspired, farm-to-table restaurant chain. Philz Coffee, a third-wave coffee house that specializes in custom-blends and handcrafted drip coffee.
Once you receive medical clearance and feel that you are in decent shape, see how this ab workout gets those abs toned up. With this ab workout you can expect to see results after about 10 times. This ab workout was created for the fitness enthusiast who is already in good shape but needs that extra ab workout or more variety.
AFTER A WARM UP:
USING AN EXERCISE BALL
V-PIKE PRONE AB CRUNCH (3 SETS OF 10)
* LIE FACE DOWN (PRONE) ON THE BALL WITH YOUR HANDS ON THE FLOOR FOR STABILITY
* BEGIN WITH THE BALL POSITIONED AT THE UPPER THIGH WITH YOUR LEGS EXTENDED
* SLOWLY ROLL THE BALL UNDER YOUR BODY WITH HIPS MOVING UPWARD BRINGING FEET CLOSER TO ARMS
* KEEP LEGS STRAIGHT. ONCE IN A V POSITION, PAUSE AND SLOWLY ROLL BACK TO PRONE
USING AB STRAPS
HANGING LEG RAISES (3 SETS OF 15)
* HANG FROM STRAPS WITH UPPER ARM PARALLEL TO THE GROUND. LEGS ARE EXTENDED.
* BEGIN BY LIFTING KNEES UP TO CHEST, PAUSE AND SLOWLY RETURN TO EXTENSION
* DO NOT SWING. LOWER YOUR LEGS SLOWLY, WITH CONTROL
* THIS EXERCISE CAN ALSO BE DONE WITH A TWIST AS YOU RAISE YOUR LEGS TO WORK THE OBLIQUES
WORKING THE OBLIQUES
SIDE LYING LEG LIFTS ON FLOOR (3 SETS OF 15 ON EACH SIDE)
* START ON THE FLOOR, ON YOUR SIDE; PROP YOURSELF UP ON YOUR ELBOW. KEEP OPPOSITE HAND ON THE FLOOR BEHIND YOU FOR BALANCE.
* WITH LEGS EXTENDED, LIFT BOTH UPPER AND LOWER BODY AT THE SAME TIME, CREATING A SIDE LYING V. LOWER YOUR BODY SLOWLY.
* REPEAT ON THE OTHER SIDE
After this ab workout it is a good idea to stretch the low back with a simple knee to chest stretch. Hold each stretch for 30 seconds. It is also a good idea to train your abs last in your workout. To minimize...
Citigroup Global Markets Inc. acted as exclusive financial advisor and Akin Gump Strauss Hauer and Feld LLP served as legal counsel to Crunch. Piper Jaffray &. Co. acted as financial advisor and Kirkland &. Ellis served as legal counsel to TPG Growth.
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 types of people, with all types of goals, exercising all different ways. Working out at the same place together. Crunch is 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 over 1,300,000 members with over 300 gyms worldwide in 29 states, Puerto Rico and 4 countries. Crunch is rapidly expanding across the U.S. and around the globe.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $14 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources. Global experience to drive value creation. Help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $108 billion of assets under management. For more information, visit www.tpg.com.
About Angelo, Gordon &. Co., L.P.
Angelo, Gordon &. Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $33 billion with a primary focus on credit and real estate strategies. Angelo Gordon has 510 employees, including nearly 210 investment professionals. Is headquartered in New York, with associated offices elsewhere in the U.S., Europe. Asia. For more information, visit www.angelogordon.com.