PE-backed Empire Portfolio Group buys 10 North Carolina Orangetheory Fitness studios

Empire Portfolio Group, which is backed by Revelstoke Capital, has acquired ten Orangetheory Fitness studios in North Carolina.

Empire Portfolio Group, which is backed by Revelstoke Capital, has acquired ten Orangetheory Fitness studios in North Carolina. The sellers include Jay Thomas and Doug Birer. No financial terms were disclosed. Empire is an area developer and franchisee of Orangetheory Fitness, a heart-rate based interval training fitness franchise.

PRESS RELEASE

New York, NY, August 31, 2021 — Empire Portfolio Group (“Empire”), a leading Area Developer and Franchisee of Orangetheory® Fitness, the heart-rate based interval training fitness franchise, announced today it has acquired ten studios and the area development rights in Charlotte, including parts of North Carolina and South Carolina. The sellers include Jay Thomas and Doug Birer.

This transaction marks Empire’s third acquisition since partnering with Revelstoke Capital Partners (“Revelstoke”) in December 2020 and follows two other recent acquisitions which 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 growing our family in the Carolinas,” said Empire’s CEO, Adam Krell. “The Carolina studios enjoy strong participation from a devoted member base and are anchors in their respective communities. We believe they will be a great fit with the Empire culture. We welcome the opportunity to provide members a safe place to improve their physical and mental health using state of the art technology and enhanced cleaning procedures. Our goal is to bring Orangetheory to everyone’s back door.”

This acquisition also provides Empire the ability to develop new studios as well as oversee current franchisees in the greater Charlotte area. Empire’s partnership with Revelstoke has the dual mission of expanding career opportunities to current and future staff and increasing access to the Orangetheory Fitness trifecta of science, coaching and technology to its growing membership base.

“We look forward to continuing our partnership with Empire as they grow their studio footprint,” said Dave Long, CEO of Orangetheory Fitness. “We always welcome new studios to the Orangetheory community, allowing more members access to our science-backed workout that will help them live healthier, more vibrant lives.”

“In 2014, we launched the Orangetheory brand in the Charlotte market at our Quail Corners location and grew from those humble beginnings to 10 studios serving nearly 6,000 members,” said Mr. Thomas. “When we were approached by Empire, their executive team presented a plan that aligned with our core values and upheld the high standards that Orangetheory Fitness is famous for. We are proud to employ over 140 fitness professionals and believe Empire will provide significant opportunities for career growth for our Charlotte team.”

Winston & Strawn LLP acted as legal counsel to Empire. The sellers were represented by Farlie Turner & Co. as financial advisor and J2advisors as legal counsel.

About Orangetheory
Orangetheory® (www.orangetheory.com) makes it simple to get More Life from your workout. One of the world’s fastest-growing franchise companies, Orangetheory has developed a unique approach to fitness that blends a unique trifecta of science, coaching and technology that work together seamlessly to elevate participants’ heart rates to help burn more calories. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orangetheory workouts incorporate endurance, strength and power to generate the “Orange Effect,” whereby participants keep burning calories for up to 24 hours after a 60-minute workout. Orangetheory franchisees have opened over 1,400 studios in all 50 U.S. states and 25 countries.

About Empire Portfolio Group Holdings
Empire Portfolio Group, founded in 2013 and headquartered in New York City, is a leading franchisee and area representative of Orangetheory Fitness. Empire has over 76 Orangetheory Fitness studios across New York, New Jersey, Connecticut, Maine, Vermont, New Hampshire, North Carolina and South Carolina.

About Revelstoke
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related health and wellness sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $3.1 billion of assets under management. Since the Firm’s inception in 2013, Revelstoke has completed 108 acquisitions, which includes 21 platform companies and 87 add-on acquisitions.