The acquisition signals continued growth of Primetime Fitness
under Strategic Partnership with CapitalSpring, a leading
specialist investor in multi-location businesses.
NEW
YORK, June 17, 2024 /PRNewswire-PRWeb/ --
Primetime Fitness, a Crunch Fitness franchisee, has completed its
acquisition of 10 Crunch Fitness gyms across Tennessee, Ohio, and Kentucky from Fitness Gurus in partnership
with Fitness Guru's owners and management. The acquisition brings
Primetime's total gym count to 19 and follows a December 2023 growth investment in Primetime
Fitness by CapitalSpring, a leading specialist investor in
multi-location businesses.
"We're excited about the opportunity for Primetime Fitness
to increase its brand footprint through this strategic acquisition
from Fitness Gurus," said Chequan
Lewis, President, Crunch Fitness. "We're looking forward to
seeing the next phase of these clubs and markets that will
inherently continue to drive the rapid growth at Crunch."
"We couldn't be more excited to work with the Fitness
Guru's team. They've built a strong enthusiastic culture, have a
solid operating core, and they align perfectly with our values. The
acquisition of Fitness Gurus opens an amazing opportunity to
leverage the full potential between both our teams and markets. The
synergies provide the critical mass and resources necessary to
achieve our future growth plans," said Kevin Laferriere, Primetime Fitness' CEO.
"Pursuing these growth opportunities is why we partnered with
CapitalSpring, and we are excited to build upon the great
foundation established by the Fitness Gurus team."
"Kevin has shown an incredible enthusiasm and drive to
kick off our partnership by pursuing compelling growth
opportunities that strengthen the Primetime Fitness portfolio and
also lay the foundation for further geographic expansion," said
Wade Daniel, Partner at
CapitalSpring. "We are incredibly excited to help the team build a
long-term leader in the Crunch Fitness system."
ABOUT CAPITALSPRING
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
http://www.capitalspring.com.
Media Contact
Julie Maw, Mainland, 3125263996,
jmaw@hellomainland.com, www.hellomainland.com
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content:https://www.prweb.com/releases/primetime-fitness-completes-acquisition-of-10-crunch-fitness-gyms-across-tennessee-ohio-and-kentucky-from-fitness-gurus-302174661.html
SOURCE Mainland