Trive Capital and 808 Capital Partners announced their investment in JF Fitness of North America, a Crunch Fitness franchisee operating 24 gyms across North Carolina, South Carolina, Georgia, Alabama, Virginia, and Maryland.
JF Fitness, headquartered in Richmond, VA, was founded in 2014. The company operates 16 gyms in Virginia, Maryland and the Carolinas and has acquired Team Roldan, a Crunch franchisee operating eight gyms in Alabama, Georgia and South Carolina, in connection with the Trive and 808’s investment.
“We are delighted to partner with Trive and 808 in this next phase of our growth,” said John Freeland, CEO of JF Fitness. “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.”
The acquisition resulted in JF Fitness becoming 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 expansion in the Southeastern U.S. via new gym openings and select acquisitions.
“We are thrilled to partner with John and the JF Fitness executive team,” said Jared Reyes, managing director of Trive Capital. “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 claims to be the fastest-growing big-box franchised fitness club system in the High-Value/Low-Price (HVLP) category.
“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.
“We’re thrilled for Trive and 808’s support of the Crunch brand through its investment in JF Fitness,” said Chequan Lewis, president of Crunch 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.
