Strategic guidance from the leading private equity firm will accelerate the franchisee group’s growth in the Crunch Fitness network
NEW YORK, Jan. 12, 2024 /PRNewswire/ — Today, Primetime Fitness, Michigan’s premier Crunch Fitness franchise development group, announced its partnership with a leading specialist investor in multi-location businesses, CapitalSpring, which recently completed a growth investment in the franchisee.
The partnership marks a significant milestone for Primetime Fitness, underscoring its ambitious development plans.
“We are very excited to welcome CapitalSpring into the network,” said Ben Midgley, CEO of Crunch Franchising. “They are a highly accomplished firm with extensive expertise in franchising. Their partnership with Primetime Fitness will certainly be successful.”
Primetime Fitness currently operates nine Crunch clubs across the greater Detroit metro area and Lansing, with plans to grow existing gyms and open between 50 and 75 new locations through acquisitions and organic growth.
“We’re incredibly excited to be working with a sponsor that possesses the multi-unit experience that CapitalSpring provides. Their proven track record of scaling franchise platforms like Crunch Fitness was a key factor in ultimately selecting them as our equity partner,” said Kevin Laferriere, CEO of Primetime Fitness. “The future of Primetime Fitness and our vision of rapid, disciplined growth is in complete alignment with their ethos. Most importantly, our shared and common cultural values will allow our company, team, and members to realize their full potential.”
With CapitalSpring’s extensive experience growing multi-unit businesses, the partnership will fast-track the franchisee’s plans for rapid expansion throughout 2024.
“We look forward to our partnership with James, Adam, and Kevin as we continue to provide our members with the premier Crunch experience and further expand the Company’s presence as a leading Crunch Fitness franchisee,” said Wade Daniel, Partner at CapitalSpring.
Offering the highest value in the low-price gym segment, Crunch provides its more than two and a half million members with spacious, modern clubs; leading group fitness programming, including Pilates, Ride, TRX, Yoga, and Zumba; the HIITZone™, a unique high-intensity interval group training program; highly experienced personal trainers; and more.
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 two and a half million members with over 450 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.
Primetime Fitness is a leading developer of Crunch Fitness Franchises in North America. The company successfully entered the Michigan fitness market in 2017 and has opened 9 locations. The company’s business strategy is based on building a passionate and skilled team that operates quality fitness centers at a great value. Primetime Fitness is known in its communities for providing the highest quality fitness experience so our members can challenge their goals and find the best version of themselves.
CapitalSpring is a leading private equity and debt investor with deep expertise in franchised and multi-location business models across foodservices and other industry verticals. Over the past 18 years, CapitalSpring has invested over $3 billion in and provided strategic and operational resources to proven management teams to accelerate growth and realize the full potential of their businesses. CapitalSpring offers one-stop financing solutions for a broad range of investments including, private equity, mezzanine capital and senior lending with offices in Nashville, Los Angeles, Atlanta, and New York. For more information about CapitalSpring, please visit www.capitalspring.com
SOURCE Crunch Fitness
