Key Takeaways
- • Sixth Street Partners deployed capital into CR Fitness Holdings, the nation's largest Crunch Fitness franchisee, in a strategic growth investment announced October 23, 2025, with deal value reported at $350 million to fuel nationwide expansion.
- • CR Fitness operates nearly 90 clubs across five states (Florida, Georgia, North Carolina, Texas, Tennessee) and plans to open 100+ additional locations over the next five years, including nine recently acquired 24 Hour Fitness locations in Florida.
- • North Castle Partners, which acquired a majority stake in 2019 when CR Fitness had 19 clubs and recapitalized in 2022, remains the largest shareholder alongside co-founders Tony Scrimale, Vince Julien, and Jeff Dotson, who continue active management roles.
- • CR Fitness has grown from 19 units in 2019 to nearly 90 clubs in six years, establishing itself as the system leader in unit volume and sales within the Crunch Fitness franchise network.
- • The investment aligns with Sixth Street's stated focus on operational excellence and member-centric growth in the fitness sector, with Kirkland & Ellis serving as legal advisor to Sixth Street and Harris Williams advising CR Fitness on the transaction.
Summary
Sixth Street Partners announced a strategic growth investment in CR Fitness Holdings, the leading franchisee operator within the Crunch Fitness system, on October 23, 2025. The transaction valued at $350 million capitalizes CR Fitness's position as the largest franchisee by unit count and establishes a partnership designed to accelerate the company's expansion across the continental United States over the next five years.
CR Fitness currently operates approximately 90 fitness clubs across five states: Florida, Georgia, North Carolina, Texas, and Tennessee. The company is the system's leader by unit volume and sales performance. In 2025 alone, CR Fitness is opening 24 new locations, including nine 24 Hour Fitness locations acquired in Florida. Management has articulated plans to open more than 100 additional clubs nationally over the coming five years, positioning the franchisee for substantial scaled growth within the health and fitness sector.
The investment structure preserves the existing capital partnership and operational continuity. North Castle Partners, which acquired a majority stake in 2019 when CR Fitness operated just 19 clubs and executed a recapitalization in 2022, remains the largest shareholder. Co-founders Tony Scrimale (CEO), Vince Julien, and Jeff Dotson retain significant ownership stakes and continue to lead operations. Jon Canarick, Managing Partner at North Castle Partners, characterized the six-year partnership trajectory as "an incredible journey," noting that Sixth Street's "deep industry experience and values align" with both North Castle's and management's strategic vision.
Company leadership emphasized the human capital differentiator in competitive positioning. Scrimale highlighted CR Fitness's competitive advantage as rooted in "talented regional leaders who know how to launch, operate, and grow clubs the right way," underscoring an operational and cultural foundation built on people and performance standards. Legal advisors to the transaction included Kirkland & Ellis (representing Sixth Street) and Harris Williams (representing CR Fitness and North Castle Partners), signaling institutional rigor in deal structuring and execution.
CR Fitness currently operates approximately 90 fitness clubs across five states: Florida, Georgia, North Carolina, Texas, and Tennessee. The company is the system's leader by unit volume and sales performance. In 2025 alone, CR Fitness is opening 24 new locations, including nine 24 Hour Fitness locations acquired in Florida. Management has articulated plans to open more than 100 additional clubs nationally over the coming five years, positioning the franchisee for substantial scaled growth within the health and fitness sector.
The investment structure preserves the existing capital partnership and operational continuity. North Castle Partners, which acquired a majority stake in 2019 when CR Fitness operated just 19 clubs and executed a recapitalization in 2022, remains the largest shareholder. Co-founders Tony Scrimale (CEO), Vince Julien, and Jeff Dotson retain significant ownership stakes and continue to lead operations. Jon Canarick, Managing Partner at North Castle Partners, characterized the six-year partnership trajectory as "an incredible journey," noting that Sixth Street's "deep industry experience and values align" with both North Castle's and management's strategic vision.
Company leadership emphasized the human capital differentiator in competitive positioning. Scrimale highlighted CR Fitness's competitive advantage as rooted in "talented regional leaders who know how to launch, operate, and grow clubs the right way," underscoring an operational and cultural foundation built on people and performance standards. Legal advisors to the transaction included Kirkland & Ellis (representing Sixth Street) and Harris Williams (representing CR Fitness and North Castle Partners), signaling institutional rigor in deal structuring and execution.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.