Mergers & Acquisitions

CR Fitness Receives Strategic Investment from Sixth Street Partners

6657 CR Fitness Holdings NT

M&A Engagement Overview

Industry Group: Consumer
Areas of Focus: Franchising; High-Value, Low-Price Fitness

Harris Williams advised CR Fitness, a portfolio company of North Castle Partners, on its strategic investment from Sixth Street Partners to support the company’s future growth. CR Fitness is the largest and fastest growing platform within the Crunch Fitness system, operating nearly 90 clubs across Florida, Georgia, North Carolina, Texas, and Tennessee, with plans to expand into Arizona.

The high-value, low-price fitness segment has demonstrated a long track-record of growth through multiple economic cycles and is expected to continue taking share in the vibrant fitness industry.

North Castle Partners, which led a majority investment in 2019 and recapitalized the business in 2022, remains the largest shareholder and will continue to work closely with CR and Sixth Street.

Since 2012, CR has developed and perfected an operating playbook that drives industry-leading results across some of the most attractive fitness markets in the U.S. The company and its world-class team have been at the forefront of innovative marketing, operational, and real estate strategies that result in year-in and year-out growth of mature clubs and ramps of newly opened clubs that deliver top-tier returns.

Sixth Street brings deep industry experience and values that align with CR’s existing shareholders and management. The partnership with Sixth Street marks an important milestone for CR, providing additional resources to fuel growth and reinforce its position as a leading operator in the high-value, low-price fitness segment.

Contact the Harris Williams Consumer Group to learn more about this client engagement.

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