CR Fitness has more than doubled its footprint and tripled its revenue since North Castle invested in 2019. The company has 45 locations located across Florida, Georgia, North Carolina and Texas.
Headquartered in Brandon, FL, CR Fitness has rapidly expanded its Crunch gym footprint across the U.S. "Our investment speaks to TPG's network and long history of investment in the health and wellness space, including TPG Growth's current investment in Crunch Fitness." "We are excited to partner with North Castle to invest in CR Fitness, led by a talented management team, to continue to execute an ambitious growth plan," said Michael Woolhouse, Co-Managing Partner of TPG GP Solutions. We are delighted to have the support of TPG GP Solutions as the lead investor and look forward to partnering with them, Montana Capital Partners, our other new and existing investors and our management team as we continue this journey." "We believe this transaction provided our limited partners with the maximum optionality to make the best choice for their investment objectives, whether that be to generate an attractive return today or access a compelling investment opportunity. "We are pleased to present NCP VII's limited partners with this opportunity – North Castle's first continuation vehicle," said Jon Canarick, Managing Partner of North Castle Partners. Terms of the investment were not disclosed. The new North Castle Partners managed fund includes additional capital to support CR Fitness' organic growth initiatives and expansion strategy.
The transaction was also supported by a consortium of institutional investors that included Montana Capital Partners as a co-lead investor, and North Castle Partners' reinvesting LPs and GPs, among others. and European GP-led secondaries strategy. The transaction was led by TPG GP Solutions, TPG's dedicated U.S. The new continuation fund acquired CR Fitness from North Castle Partners VII, LP ("NCP VII") and other existing investors. This transaction continues North Castle's ownership of the company and reaffirms its commitment to supporting CR Fitness' long-term growth strategy. It is currently being rolled out by a number of retail store and travel operators, as well as sports and entertainment venues.Ĭrunch has around 440 locations in seven countries under the Crunch Fitness and Crunch Signature (premium) brands, in addition to a partnership with footballer Cristiano Ronaldo for the CR7 Fitness brand.GREENWICH, Conn – Octo– North Castle Partners, a leading private equity firm that has focused on consumer businesses that promote Healthy, Active and Sustainable Living for more than 20 years, announced today the closing of a single-asset continuation fund transaction dedicated to CR Fitness, a leading Crunch Fitness franchisee. "The feedback from our members has been positive – they appreciate the ability to enter the gym swiftly and efficiently without the need to remember to bring their membership key tag or open the mobile app."Ĭrunch members can enroll at the Amazon One kiosk inside participating Crunch clubs, or pre-enroll online by visiting the dedicated Amazon One website.Īmazon One is a palm-based biometric identity and payment service that uses artificial intelligence and deep learning techniques, including generative AI to establish a person's identity. Molly Long, chief experience officer at Crunch Fitness, said: "Implementing Amazon One at Crunch gyms has been a win-win for our members and for our Crunch team.
Members who use Amazon One will no longer need their Crunch membership tags or mobile app to enter – they can simply hover their palm over an Amazon One device to enter the fitness facility.Īmazon One is currently being piloted at nine Crunch clubs across the US, including five in San Francisco, three in the New York City, and one in the Los Angeles area, with more locations rolling out the technology in the coming months.Ĭrunch has been piloting Amazon One for the last four months.Īt participating gyms, 80 per cent of members now use Amazon One for entry and adoption is expected to grow as awareness increases and the programme continues to expand to more locations across the US. The franchised fitness operator has become the first gym chain to utilise Amazon One at its locations. Members of Crunch Fitness gyms can now enter their club using the Amazon One palm recognition service.
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