Fitness Ventures Acquires 3 Crunch Gyms, Plans $75M Investment

Crunch Fitness franchise operator Fitness Ventures is zeroing in on Portland, acquiring three existing clubs and committing $75 million to opening 15 new locations across the region in the coming years.

The move follows Fitness Ventures’ recent club opening in Des Moines, Iowa, earlier this summer.

The three Crunch gyms acquired in the Portland deal were built under the smaller 1.0 model, a contrast to the larger Crunch 3.0 template that Fitness Ventures has been rolling out across the country. The company is evaluating whether to renovate and expand the existing locations or relocate them to larger spaces. Regardless of the outcome, Fitness Ventures plans to upgrade all three clubs to the current Crunch 3.0 design.

“The Portland market has been underserved for years when it comes to high-quality fitness centers,” Fitness Ventures CEO Brian Hibbard said. “We are excited to bring Portland a series of brand new 40,000 to 50,000 square foot Crunch 3.0 locations.”

Hibbard, who founded Fitness Ventures in 2016, has steered the company through rapid expansion in recent years, opening dozens of new Crunch clubs and entering multiple new states. Altogether, Fitness Ventures operates more than 70 locations across 28 states.

Last year, Fitness Ventures secured an investment from private equity firm Meaningful Partners.