Crunch announced that it was being acquired by TPG Growth, which is a part of private-equity firm TPG, early Monday morning.
Crunch CEO Jim Rowley sat down with TheStreet to talk about the acquisition and what it means for Crunch in the coming years.
"So, Angelo Gordon has held the company since 2006 and as you know, that's a very long time for private equity to be in business. So it became time to harvest and that really is what prompted the sale," said Rowley. "We've got tremendous momentum in the business. Our 88 Franchisees have done a tremendous job. We've got over 300 franchise club opens, as well as the 50 clubs that we own, individually as well, which we call our signature clubs. So the timing was just perfect."
Rowley went on to discuss how the company will change following the acquisition.
Watch the full video for more.