RICHMOND, Va. and DALLAS, June 21,
2024 /PRNewswire/ -- Trive Capital ("Trive"), the
Dallas-based private equity firm,
and 808 Capital Partners ("808") are excited to announce
their investment into JF Fitness of North America ("JF Fitness"), a leading
Crunch Fitness ("Crunch") franchisee serving the Mid-Atlantic and
Southeastern U.S. Headquartered in Richmond, VA, and founded in 2014 by CEO
John Freeland, JF Fitness operates
16 gyms across Virginia,
Maryland and the Carolinas. In
connection with Trive and 808's investment, JF Fitness acquired
Team Roldan, a rapidly growing Crunch franchisee operating 8 gyms
across Alabama, Georgia and South Carolina.
John Freeland, CEO of JF
Fitness, stated, "We are delighted to partner with Trive and 808 in
this next phase of our growth. In addition to aligning culturally,
our teams possess a shared vision for the long-term success of our
company, comprised of thoughtfully executing our defined growth
strategy, investing in our key leaders and employees, and
relentlessly delivering a market-leading experience for our valued
members."
As a result of the acquisition, JF Fitness has become one of the
five largest Crunch Fitness franchisees with 24 combined gym
locations. Trive and 808's investment will also support the
company's continued footprint expansion in the Southeastern U.S.
via new gym openings and select acquisitions.
Jared Reyes, Managing
Director at Trive Capital, said, "We are thrilled to partner with
John and the JF Fitness executive team. John has invested in the
people, processes and capabilities that have together driven an
impressive track record of successfully launching new gyms. We look
forward to supporting the team as they build on this track record
and expand the company's club footprint within its attractive
Southeastern U.S markets."
With 2.5 million systemwide members, Crunch Fitness is the
fastest growing big box franchised fitness club system in the
High-Value/Low-Price ("HVLP") category. Crunch offers a
comprehensive gym experience, with high-quality cardio, strength
training and weightlifting equipment, in addition to group fitness,
high-intensity interval training, indoor cycling, and yoga classes.
Crunch's members also enjoy a range of value-added amenities, such
as personal training, fitness assessments, a variety of Relax &
Recover®️ services, and childcare.
"The HVLP segment remains a compelling sector for investment
given the consistent, long-term growth trends we've seen in both
the value and broader fitness categories. We are excited to support
the JF Fitness team as a leading operator within the fast-growing
Crunch system," added Shravan
Thadani, Partner at Trive Capital.
Chequan Lewis, President
of Crunch Fitness, said, "We're thrilled for Trive and 808's
support of the Crunch brand through its investment in JF Fitness.
We look forward to the next phase of these clubs and markets, which
will inherently drive further rapid growth and expansion with
Crunch."
King & Spalding LLP served as legal counsel to Trive. Roth
Jackson Gibbons Condlin PLC served as legal counsel to JF Fitness.
MOK Advisors served as financial advisor to Team Roldan.
About JF Fitness
JF Fitness of North America is a Crunch Fitness franchisee
operating 24 gyms across North
Carolina, South Carolina,
Georgia, Alabama, Virginia and Maryland. JF Fitness was founded in 2014 by
John Freeland and is headquartered
in Richmond, Virginia.
About Crunch Fitness
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 kinds of people with all types of goals,
exercising all different ways, working it 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 2.5 million members with over 460 gyms
worldwide in 41 states, the District of
Columbia, Australia,
Canada, Costa Rica, Portugal, Puerto
Rico, and Spain. Crunch is
rapidly expanding across the U.S. and around the globe.
About 808 Capital Partners
808 Capital Partners is a
Maui, Hawaii, based independent
sponsor led by private equity and credit veteran Eric Epstein focused on a variety of
consumer-focused sectors, including health, wellness, and fitness;
multi-unit franchises; youth sports; and enthusiast consumer
brands.
About Trive Capital
Trive Capital is a Dallas, Texas based private equity firm with
more than $7 billion of regulatory
assets under management. Trive focuses on investing equity and debt
in what it sees as strategically viable middle-market companies
with the potential for transformational upside through operational
improvement. We seek to maximize returns through a hands-on
partnership that calls for identifying and implementing value
creation ideas.
The Trive team is comprised of seasoned investment professionals
who have been involved in over 100 middle-market transactions
representing in excess of $6 billion
in revenue across Trive's targeted industry sectors and
situations.
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SOURCE Trive Capital