TPG Growth buys Crunch Fitness

Angelo, Gordon & Co LP said July 1 that it completed the sale of Crunch Fitness to TPG Growth, the middle market platform of TPG. Financial terms weren’t announced. Crunch is a health and fitness company that owns, operates, and franchises fitness centers serving over 1.3 million members across the United States, Australia, Canada, and Spain.

July 01, 2019 07:00 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–Angelo, Gordon & Co., L.P. (“Angelo Gordon” or the “Firm”), a $33 billion alternative investment firm, today announced that private equity funds managed by the Firm have completed the sale of Crunch Fitness (“Crunch” or the “Company”) to TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. Terms of the transaction were not disclosed.
Crunch is a leading health and fitness company that owns, operates, and franchises fitness centers serving over 1.3 million members across the United States, Australia, Canada, and Spain. Founded in 1989 in New York City, the Company has been committed to providing members with high quality training and service in convenient locations and at an affordable price for more than 30 years. Crunch is led by Chairman Mark Mastrov and CEO Jim Rowley, two industry veterans who previously built and ran 24 Hour Fitness.
“The Angelo Gordon team has been instrumental in growing our Company over the past decade,” said Mr. Mastrov. “With their backing and guidance, we have developed our highly successful franchise business, expanded our global footprint, and built a flexible model that enables the Company to adapt to member preferences and capitalize on momentum in the fitness space.”
Mr. Rowley added, “I’d like to thank Art, Harish, and the entire Angelo Gordon team for their steadfast support over the years. Together, we have ensured that Crunch is well positioned for continued growth, and we look forward to working with the TPG team as we embark on our next chapter.”
Angelo Gordon acquired Crunch with Mr. Mastrov and Mr. Rowley in 2009. Since that time, the Crunch and Angelo Gordon teams have worked together to grow the Crunch business from 15 locations in the United States, to over 300 locations worldwide.
“Over the past ten years, we have worked hand-in-hand with Mark and Jim – who expertly tapped into their expansive network of industry partners – to establish Crunch as a leader in the health and fitness market,” said Art Peponis, Head of Private Equity at Angelo Gordon. “Their passion for providing the innovative programming and best-in-class fitness experience that members have come to know and love has made Crunch an iconic brand.”
“Crunch’s rapid growth is a testament to the hard work and dedication of the entire management team, including Keith Worts and Ben Midgley, who have been key in ensuring that Crunch offers a unique, highly compelling value proposition for both members and franchisees,” said Angelo Gordon Managing Director Harish Nataraj. “Consumer interest in fitness and wellness is at an all-time high, and TPG is the right partner to support Crunch as they continue executing on that opportunity and accelerating the growth of the Crunch brand.”
Citigroup Global Markets Inc. served as exclusive financial advisor to Crunch, and Akin Gump Strauss Hauer and Feld LLP and AJB Law Group, PC served as legal advisors.
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, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit
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.
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, and global experience to drive value creation, and 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