Snap Fitness Gets Shot in Financial Arm
Snap Fitness, the franchisor of 24/7 fitness clubs based in suburban Minneapolis, followed its acquisition of Steele Fitness late last year by adding financial muscle.
TZP Capital Partners of New York bought the second largest stake in the company, behind founder and CEO Peter Taunton’s, from Boston-based Summit Partners. Summit had wanted to exit the brand it purchased in 2008, so TZP represents a committed new partner.
Steele Smiley, the founder of Steele Fitness and now a marketing executive at Snap after Taunton bought his company, called the acquisition “a significant opportunity for us to find the right partner. Our vision is to take the company from its size today to double that in the next five years.”