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.
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