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đź”´ PRIVATE EQUITY OWNED
Crunch Fitness
gym chain · New York, NY
PE Firm
Leonard Green & Partners
Acquirer
Leonard Green & Partners (from TPG Growth)
Year Acquired
2025
“The PE growth machine that keeps getting flipped between private equity firms.”
The PE Playbook
- •TPG Growth acquired Crunch in 2019, then sold majority stake to Leonard Green & Partners in 2025 — the second PE flip in six years
- •Added 2.1 million members (176% increase) and 275 locations under TPG, more than doubling its footprint
- •Unveiled 'Crunch 3.0' redesign adding saunas and red light therapy — premiumizing a formerly budget brand
- •Largest franchise groups are themselves PE-backed, creating a PE-on-PE ownership layer between members and decision-makers