Synergy Capital Investments Makes Growth-Oriented Investment in Fitness Holdings Northeast, One of Crunch Fitness' Largest Franchisee Groups
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NEW YORK, N.Y. - Fitness Holdings Northeast, LLC ("FHNE" or "the Company"), a leading franchisee group in the Crunch Fitness network in the Northeast region, announced that Synergy Capital Investments, LLC ("Synergy" or "the Firm"), a diversified private equity firm based in Atlanta, Georgia, has completed a growth-oriented investment in the Company.
Headquartered in Greenwich, Connecticut, FHNE's mission is to launch a network of Crunch gyms across the northeastern United States. The Company currently operates 18 locations in the New York, Pennsylvania, New Jersey and Massachusetts area, and is set to open four more locations in 2019. FHNE's partnership with Synergy will enable the Company to expand not only regionally but also nationally through a mix of acquisitions and new development to achieve its 50-club growth plan.
Bob Cooke, FHNE's Chief Executive Officer, will remain in his current role and continue to lead the Company.
"In seeking a partner, I wanted to find someone who shares FHNE's ambition of becoming the largest franchisee group in the country with at least 50 clubs in its name," said Mr. Cooke. "It was apparent during talks with Synergy that they indeed share this vision. Our alignment in culture and values will make for a long-term, fruitful partnership."
"FHNE's outstanding leadership team, along with leading marketing and financial analytics, have provided a great foundation to this point," said Murad M. Karimi, Director of Synergy Capital Investments. "It is a tremendous organization that has built exceptional clubs with top customer service for Crunch members. Its success is a result from the talented people that are a part of the Company."
Munir Karimi, Chief Executive Officer of Synergy, will be joining FHNE's board in conjunction with the firm's investment. "The Company's results to date and growth model attracted our firm and we are thrilled to work alongside their group and be a part of the Crunch network," said Munir. "We intend to support the Company in all aspects of growth to accelerate the Company's expansion nationally along with Latin America rights in the pipeline."
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