August 18, 2009 // Franchising.com // Chanhassen, Minn. – Snap Fitness has 'muscled' its way among the Top 20 of Inc. Magazine's annual ranking of the country's 500 fastest-growing private companies.
The world's fastest growing franchise featuring compact, state-of-the-art fitness centers, Snap Fitness is ranked No.16, based on revenue growth from 2005 to 2008. The company grew by more than 5,900 percent, with 2008 revenues of $31.7 million.
"We couldn't be more excited about this incredible recognition," said Peter Taunton, Founder and CEO of Snap Fitness, noting that the company was the second-highest ranked concept in the health category. "We look forward to continued success and breaking into the Top 10 next year, as both investors and consumers continue to recognize the value we provide."
Launched in 2003, Snap Fitness operates small fitness centers open 24 hours a day, seven days a week and is particularly geared toward people on the go with hectic lifestyles. The concept offers fast and convenient workout solutions that is close to home and offers the same quality workout equipment as traditional "big box" health clubs, only at a more affordable rate and with no contracts.
"Our more than 400,000 satisfied members, combined with our triple-digit revenue growth, proves we're honed in to what consumers want and expect from their fitness program," Taunton added.
Today, Snap Fitness has nearly 2,000 locations open or under development worldwide and consistently opens 300-400 new clubs each year. Company plans call for a total of 2,500-3,000 centers within the next five years. In addition to being in nearly every state, Snap Fitness also operates clubs in Canada, India and Mexico, and recently more are planned in Australia and New Zealand.