NEW YORK, August 31, 2021 / PRNewswire / – – Empire Portfolio Group (“Empire”), a leading area developer and franchisee of Orangetheory® Fitness, the heart rate-based interval training franchise, announced today the acquisition of ten studios and the area development rights in. known Charlotte, including parts of North Carolina and South carolina. The sellers include Jay Thomas and Doug Birer.
This transaction marks the third acquisition by Empire since partnering with Revelstoke Capital Partners (“Revelstoke”) in December 2020 and follows two other recent acquisitions that have added 12 studios and three new states to the Empire platform. With these acquisitions, Empire strengthens its position on the east coast with a total of more than 76 studios in new York, New Jersey, Connecticut, Maine, Vermont, New Hampshire, North Carolina, and South carolina.
“We continue to be pleased with our expansion and look forward to adding to our family in the Carolinas,” said Empire CEO, Adam Krell. “Carolina Studios enjoy strong participation from an engaged membership base and are anchors in their respective communities. We believe they will be a great fit for Empire culture. We welcome the opportunity to provide members with a safe place to improve their physical and mental health ”with cutting-edge technology and improved cleaning practices. Our goal is to bring orange theory to everyone’s back door. “
This acquisition also gives Empire the ability to develop new studios and oversee existing franchisees in the wider area Charlotte Area. Empire’s partnership with Revelstoke has the dual mission of expanding career opportunities for current and future employees and enhancing access to the Orangetheory Fitness Trifecta of science, coaching and technology for its growing membership base.
“We look forward to continuing our partnership with Empire as they grow their studio presence,” said Dave Long, CEO of Orangetheory Fitness. “We are always welcoming new studios to the Orange Theory community that will give more members access to our science-based training that will help them live healthier, more dynamic lives.”
“In 2014 we launched the Orangetheory brand Charlotte Market at our Quail Corners location and grew from those humble beginnings to 10 studios with nearly 6,000 members, “said Thomas Standards, who Orangetheory Fitness is famous for. We pride ourselves on having over 140 fitness professionals and believe that Empire ours Charlotte Team.”
Winston & Strawn LLP acted as legal advisor to Empire. The sellers were represented by Farlie Turner & Co. as financial advisor and J2advisors as legal advisor.
About orange theory
Orangetheory® (www.orangetheory.com) makes it easy to get more life out of your training. As one of the fastest growing franchises in the world, Orangetheory has developed a unique approach to fitness that combines a unique triad of science, coaching and technology that work seamlessly together to increase participants’ heart rates to burn more calories. Backed by the Science of Post-Exercise Excessive Oxygen Use (EPOC), Orange Theory workouts incorporate endurance, strength, and performance to create the “Orange Effect,” which puts participants in calories for up to 24 hours after a 60-minute workout burn. Orangetheory franchisees have opened over 1,400 studios in all 50 states and 25 countries.
About Empire Portfolio Group Holdings
Empire Portfolio Group, founded in 2013 and based in New York City, is a leading franchisee and sales representative for Orangetheory Fitness. Empire has over 76 Orange Theory gyms around the world new York, New Jersey, Connecticut, Maine, Vermont, New Hampshire, North Carolina and South carolina.
Revelstoke is a private equity firm founded by seasoned investors focused on building industry-leading companies in the healthcare and related health and wellness sectors. Revelstoke works with entrepreneurs and management teams to implement a disciplined growth strategy for organic growth and acquisitions to build exceptional businesses. Revelstoke is located in Denver, Colorado and has about $ 3.1 billion of managed assets. Since the company was founded in 2013, Revelstoke has completed 108 acquisitions, including 21 platform companies and 87 additional acquisitions.
Lambert & Co.
SOURCE Revelstoke Capital Partners