Kirkland Advises TPG Growth’s Portfolio Company Crunch Fitness on Strategic Investment from Leonard Green & Partners

Kirkland & Ellis advised TPG Growth, the middle market and growth equity platform of global alternative asset management firm TPG, and its portfolio company Crunch Fitness, a globally recognized powerhouse in the fitness industry, on a strategic investment from Leonard Green & Partners (LGP), a leading private equity investment firm. Under the terms of the agreement, LGP will acquire a majority interest in Crunch Fitness from TPG Growth and Crunch's minority shareholders. The transaction was announced April 15, 2025 and is subject to customary closing conditions and regulatory approvals.

Read the transaction press release

The Kirkland team included corporate lawyers Maggie Flores, Michael Weisser, Ned Schultheis, Siqi Li, Brandon Okun and Hunter Johnson; tax lawyers Jared Rusman, William Dong and Eli Kukharuk; debt finance lawyer Paul Rezvani; executive compensation lawyer Matthew Wood; and antitrust & competition lawyers Norman Armstrong and Lauren Taylor.