A LOT has happened since Crunch's early days!
- Humble Beginnings & Early Growth: Crunch started in 1989 with Doug Levine, Roger Harvey (Crunch's first COO), and a powerhouse team, quickly making waves in the highly competitive NYC fitness scene.
- Big Deals & Bumpy Roads: Bally Total Fitness bought Crunch in 2001 for $90 million, but soon faced challenges. A few years later, Angelo Gordon (with Pete Moore himself on the deal side) acquired the company for half that price—$45 million.
- Growing Pains: Membership dropped from 92,000 to 72,000, forcing Crunch into bankruptcy in 2009. This time was all about resetting, restructuring, and prepping for the future.
- A Decade of Determination: Crunch worked hard to dial in their business model, launching a successful franchise program and slowly but steadily building momentum.
- Skyrocketing Success: By 2019, TPG Growth snagged Crunch to accelerate its franchising efforts, which paid off. Fast-forward to today: Leonard Green has acquired Crunch for a stunning $1.5 billion. The company now boasts 500 locations and 3 million members!
One solid takeaway? Spotting potential in a struggling business—and having the patience, grit, and right partners to see it through—can lead to incredible success. Crunch isn’t just surviving, they’re thriving.
With blue-chip private equity backing and a proven growth strategy, the future looks bright.
RESOURCES:
- Crunch Fitness: https://www.crunchfitness.com
- Sale of Crunch to TPG: https://www.tpg.com/news-and-insights/tpg-backed-crunch-fitness-announces-strategic-investment-from-leonard-green-partners
- Doug Levine's Live HALO Talks in NYC: https://youtu.be/h-qDEAS5LsM?si=kh0GclOgGmwXMxhS
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