12/4/2025 – Read our updated article on the sale of CrossFit.

A consortium led by Wade Diebner, a Silicon Valley investor, and Mark Mastrov, the fitness entrepeneur, who built and sold 24 Hour Fitness and Crunch Fitness, claims to have secured exclusive rights to negotiate the acquisition of CrossFit Inc. from its private-equity owner, Berkshire Partners, Mr. Diebner said in an interview.

The group says it signed a 90-day exclusivity agreement last week, granting full access to financial records and barring other suitors. A closing is targeted for late January, according to Mr. Diebner.

“We have been at this for six months,” he said. “We are the only group left with the financing and the operating plan. Berkshire has made clear it wants us.”

Background: Berkshire’s Ownership of CrossFit

Berkshire Partners acquired CrossFit Inc. on July 24, 2020, in partnership with technology executive and affiliate owner Eric Roza, who became CEO following the resignation of founder Greg Glassman. Glassman stepped down amid controversy over his comments on the death of George Floyd, which led to sponsor withdrawals including Reebok.

The purchase price was never disclosed, but industry analysts and financial outlets estimated the deal at $200 million to $250 million, based on CrossFit’s reported annual revenue of roughly $100 million at the time.

Berkshire’s ownership marked a shift toward corporate management and brand rehabilitation. Under Roza and later CEO Don Faul, CrossFit stabilized its reputation but saw affiliate numbers decline. In March 2025, Faul confirmed that Berkshire had begun exploring “strategic options,” effectively putting the company back on the market.

Mr. Diebner said his group outlasted more than a dozen rivals, including BeSport, a Swiss fitness holding company that was an early front-runner before talks stalled over valuation and declining participation, a proposed roll-up of more than 100 affiliates, and a rumored bid linked to champion athlete Rich Froning, which he dismissed as under-capitalized.

Industry reporting by The Barbell Spin indicated that Berkshire Partners recently visited Rich Froning’s gym in Cookeville, Tennessee, as part of early discussions. Mr. Diebner said Froning’s group lacked sufficient capital and is no longer in contention.

The buyers are being advised by Nate Pund, a managing director at Houlihan Lokey who is widely regarded as a leading banker in the fitness sector.

Two days after the alleged exclusivity was granted, an unverified social-media post named the potential buyers.

“That information did not come from us,” he said. “We want to close quietly. The leak appears designed to create the impression of competition or to justify fees.”

Moelis & Company, the investment bank running the sale, declined to comment when reached this morning.

A representative for Mayhem Nation, Rich Froning’s fitness group, declined to comment.

CrossFit LLC and Berkshire Partners did not respond to requests for comment.

Nate Pund, the buyers’ advisor at Houlihan Lokey, did not respond to a request for comment.

CrossFit, once a high-growth brand with more than 13,000 affiliated gyms, has seen affiliate numbers fall by roughly a quarter and revenue decline in recent years, according to people familiar with the company’s performance. Mr. Diebner described the asset as “a falling knife with billion-dollar potential,” citing the absence of a corporate headquarters, a coherent digital strategy, and an outdated pricing model.

The buyers have the capacity to fund the purchase with cash but plan to use debt from top-tier lenders, Mr. Diebner said.

This account is based on an interview with Mr. Diebner and cannot be independently verified.