The specialist investor has partnered with the multi-unit Crunch Fitness franchisee formerly known as Great Lakes International LLC to support continued scale.
NEW YORK, Jan. 12, 2024 /PRNewswire-PRWeb/ — CapitalSpring, a leading specialist investor recognized for its expertise in multi-location business models, has completed a growth recapitalization of Primetime Fitness (formerly Great Lakes International LLC), a multi-unit franchisee with Crunch Fitness. The company’s existing management team and owners will continue to be involved, now with the partnership of experts at CapitalSpring.
Founded in 2017 and headquartered in Detroit, Primetime Fitness currently operates nine clubs throughout the greater Detroit area. Its commitment to developing high-quality clubs with an unparalleled guest experience, combined with Crunch Fitness’s unique and highly compelling value proposition, have led to Primetime Fitness’s current success.
Kevin Laferriere, CEO and president of Primetime Fitness, will continue to lead the company alongside its existing management team.
“We’re incredibly excited to be working with a sponsor that possesses the multi-unit experience that CapitalSpring does,” said Laferriere. “Their proven track record of scaling franchise platforms like Crunch Fitness was a key factor in ultimately selecting them as our equity partner. The future of Primetime Fitness and our vision of rapid, disciplined growth is in complete alignment with their ethos. Most importantly, that our shared cultural values will allow our company, team and members to realize their full potential.”
“We look forward to our partnership with James, Adam, and Kevin as we continue to provide our members with the premier Crunch experience and further expand the Company’s presence as a leading Crunch Fitness franchisee,” added Wade Daniel, partner at CapitalSpring.
ABOUT CAPITALSPRING:
CapitalSpring is a leading institutional investor with deep expertise in foodservice, multi-location business models and related industries. For over 17 years, we have supported proven management teams with financial, strategic, and operational resources to accelerate growth and to realize the full potential of their businesses. CapitalSpring offers one-stop solutions for a broad range of investments including, private equity, mezzanine capital and senior lending and has offices in Nashville, Los Angeles, Atlanta, and New York. For more information about CapitalSpring, please visit http://www.capitalspring.com
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SOURCE CapitalSpring
