Trive Doubles Down on Crunch Canada with Second Investment
The investment from the Texas-based private equity firm and 808 Capital Partners will fuel several near-term growth opportunities, including new club development, Crunch Canada CEO says
Crunch Canada, an Ontario-based Crunch Fitness franchisee, has secured an investment from Trive Capital and 808 Capital Partners.
It’s Trive Capital’s second investment in Crunch Fitness, following its June backing of JF Fitness of North America, a Virginia-headquartered Crunch Fitness franchisee.
“We are excited to team up with Trive and 808, who share our vision for delivering an exceptional fitness offering for our members,” Crunch Canada CEO Wesley Hodgson said. “Our new partnership and collaboration present a unique opportunity to enhance our capabilities, expand our leadership team, and execute on several near-term growth opportunities, including new club development and select acquisitions.”
Trive Capital managing director Jared Reyes noted that Trive is impressed with Crunch Canada’s track record of opening and operating clubs. As it stands, Crunch Canada is the country’s designated master franchise, with 19 corporate-owned gyms and 13 franchised gyms.
“We see significant opportunity in the Canadian market to expand the company’s footprint and membership base,” he added.
Chequan Lewis, who was appointed Crunch Fitness president earlier this year, says the company is thrilled to see Trive and 808’s continued investment in Crunch.
“We value their support of Crunch Canada as Wes and the team continue their club development plan and strategically deliver Crunch’s unique fitness experience to a much broader base of consumers in Canada,” Lewis said.
In an interview with Athletech News this summer, Crunch Fitness CEO Jim Rowley shared that the high-value, low-priced fitness franchise has had significant attraction from the Middle East, Asia-Pacific, Western Europe and South America markets, but emphasized that the Crunch brand is “electric” in Canada.
“The North American fitness sector continues to demonstrate strong fundamentals as consumers increasingly prioritize health and wellness, and new age groups enter the gym industry,” Trive Capital partner Shravan Thadani said. “Crunch remains well positioned to capture additional share within the broader industry given its attractive, high amenity offering at a compelling membership price.”
