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Trive Capital Invests in JF Fitness of North America, a Leading Crunch Fitness Franchisee

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RICHMOND, Va. and DALLAS, June 21, 2024-- Trive Capital ("Trive"), the Dallas-based private equity firm, and 808 Capital Partners ("808") are excited to announce their investment into JF Fitness of North America ("JF Fitness"), a leading Crunch Fitness ("Crunch") franchisee serving the Mid-Atlantic and Southeastern U.S. Headquartered in Richmond, VA, and founded in 2014 by CEO John Freeland, JF Fitness operates 16 gyms across Virginia, Maryland and the Carolinas. In connection with Trive and 808's investment, JF Fitness acquired Team Roldan, a rapidly growing Crunch franchisee operating 8 gyms across Alabama, Georgia and South Carolina.

John Freeland, CEO of JF Fitness, stated, "We are delighted to partner with Trive and 808 in this next phase of our growth. In addition to aligning culturally, our teams possess a shared vision for the long-term success of our company, comprised of thoughtfully executing our defined growth strategy, investing in our key leaders and employees, and relentlessly delivering a market-leading experience for our valued members."

As a result of the acquisition, JF Fitness has become one of the five largest Crunch Fitness franchisees with 24 combined gym locations. Trive and 808's investment will also support the company's continued footprint expansion in the Southeastern U.S. via new gym openings and select acquisitions.

Jared Reyes, Managing Director at Trive Capital, said, "We are thrilled to partner with John and the JF Fitness executive team. John has invested in the people, processes and capabilities that have together driven an impressive track record of successfully launching new gyms. We look forward to supporting the team as they build on this track record and expand the company's club footprint within its attractive Southeastern U.S markets."

With 2.5 million systemwide members, Crunch Fitness is the fastest growing big box franchised fitness club system in the High-Value/Low-Price ("HVLP") category. Crunch offers a comprehensive gym experience, with high-quality cardio, strength training and weightlifting equipment, in addition to group fitness, high-intensity interval training, indoor cycling, and yoga classes. Crunch's members also enjoy a range of value-added amenities, such as personal training, fitness assessments, a variety of Relax & Recover®️ services, and childcare.

"The HVLP segment remains a compelling sector for investment given the consistent, long-term growth trends we've seen in both the value and broader fitness categories. We are excited to support the JF Fitness team as a leading operator within the fast-growing Crunch system," added Shravan Thadani, Partner at Trive Capital.

Chequan Lewis, President of Crunch Fitness, said, "We're thrilled for Trive and 808's support of the Crunch brand through its investment in JF Fitness. We look forward to the next phase of these clubs and markets, which will inherently drive further rapid growth and expansion with Crunch."

King & Spalding LLP served as legal counsel to Trive. Roth Jackson Gibbons Condlin PLC served as legal counsel to JF Fitness. MOK Advisors served as financial advisor to Team Roldan.

About JF Fitness

JF Fitness of North America is a Crunch Fitness franchisee operating 24 gyms across North Carolina, South Carolina, Georgia, Alabama, Virginia and Maryland. JF Fitness was founded in 2014 by John Freeland and is headquartered in Richmond, Virginia.

About Crunch Fitness

Crunch is a gym that believes in making serious exercise fun by fusing fitness and entertainment and pioneering a philosophy of 'No Judgments.' Crunch serves a fitness community for all kinds of people with all types of goals, exercising all different ways, working it out at the same place together. Crunch is renowned for creating one-of-a-kind group fitness classes and unique programming for our wildly diverse members. Headquartered in New York City, Crunch serves 2.5 million members with over 460 gyms worldwide in 41 states, the District of Columbia, Australia, Canada, Costa Rica, Portugal, Puerto Rico, and Spain. Crunch is rapidly expanding across the U.S. and around the globe.

About 808 Capital Partners

808 Capital Partners is a Maui, Hawaii, based independent sponsor led by private equity and credit veteran Eric Epstein focused on a variety of consumer-focused sectors, including health, wellness, and fitness; multi-unit franchises; youth sports; and enthusiast consumer brands.

About Trive Capital

Trive Capital is a Dallas, Texas based private equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive's targeted industry sectors and situations.

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