Fitness Ventures LLC, which operates over 70 Crunch Fitness facilities in 28 states as a licensee, has acquired three Crunch gyms in Portland, OR. The company plans to invest $75 million to open 15 new Crunch locations in the region over the next several years.
Brian Hibbard, CEO of Fitness Ventures, said, “The Portland market has been underserved for years when it comes to high-quality fitness centers. We are excited to bring Portland a series of brand new 40,000- to 50,000-square-foot Crunch 3.0 locations.”
The three Crunch locations in Portland were originally built under Crunch Fitness’ smaller 1.0 model, which differs from the larger-scale Crunch 3.0 gyms that Fitness Ventures has been rolling out as a licensee nationwide. Fitness Ventures is evaluating its options for these facilities and will either expand and remodel them or relocate them to larger spaces. In either scenario, the goal of Fitness Ventures is to bring the three clubs up to current Crunch 3.0 standards.
The Portland acquisition is part of a broader growth strategy for Fitness Ventures, which has rapidly expanded its footprint nationwide over the past two years.
Image courtesy Crunch Fitness
