New York | November  2026

US-based fitness chain Crunch Fitness is seeking to raise approximately $800 million through an asset-backed securities (ABS) bond offering, according to a report published by Bloomberg on November

The proposed financing highlights the growing role of structured debt in the fitness and wellness industry, where gym operators are increasingly exploring alternative ways to secure capital and support their business operations.

What Is Behind the $800 Million Financing Plan?

An asset-backed securities transaction allows a company to raise money by issuing bonds supported by a pool of underlying assets or revenue streams.

For fitness businesses, predictable membership payments and other recurring income can be important elements in financing structures. Such arrangements can provide access to institutional investors while creating a financing route outside conventional corporate borrowing.

The proposed $800 million transaction could therefore represent a significant development in Crunch Fitness’s financing strategy.

Crunch Fitness and the Private Equity Connection

Crunch Fitness operates in the highly competitive health and fitness market, offering gym memberships, group exercise programmes and personal training services.

The company has attracted considerable attention from private equity investors. TPG acquired Crunch through TPG Growth in 2019, and Reuters reported in December 2024 that TPG was exploring a potential sale that could value the business at more than $1.5 billion, including debt.

The company’s recurring membership-based business model has also made it part of a wider investment trend involving fitness chains and private capital.

What Could the Bond Sale Mean for the Fitness Industry?

A financing transaction of this size would underline the growing interest of debt investors in businesses with recurring customer revenues.

The broader fitness industry has experienced renewed investor attention as gym operators expand their networks, develop new services and compete for long-term memberships.

For Crunch Fitness, the proposed bond sale is an important financing development to watch. However, the final offering structure, borrowing costs, collateral arrangements and intended use of proceeds will be important factors in understanding its financial implications.