Empire Portfolio Group, a Leading Area Developer & Franchisee of Orangetheory® Fitness, Acquires 4 Studios in Connecticut
Heart-rate Based Interval Training Fitness Franchise Expanding Rapidly in Tri-State Region & Beyond
NEW YORK, July 13, 2021 /PRNewswire/ -- 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 four studios in Fairfield, Norwalk, Westport and Shelton, CT. With these Connecticut acquisitions, Empire strengthens its ties in the tri-state region with a total of more than 40 studios in Connecticut, New Jersey and New York.
"We're thrilled about our continued growth," said Empire's CEO, Adam Krell. "As current operators of some of the strongest performing studios in Connecticut, this opportunity was a natural next step for us. The communities that the former owners, Mark Molina and Fred Maudsley, created share our same values of integrity, accountability and passion, and we thank them for the opportunity to continue the legacy they built." Mr. Molina opened the first Orangetheory Fitness studio in Connecticut in 2014. "This transaction successfully culminates years of hard work, and I believe Empire's financial breadth and operating acumen will enhance even further the Orangetheory experience for our members," said Molina.
Since partnering with Revelstoke Capital Partners, a leading private equity firm focused on health and wellness, in December of 2020, Empire has been able to expand career opportunities to current and future staff as well as increase access to the Orangetheory Fitness trifecta of science, coaching, and technology to its growing membership base.
"Our membership is growing at a faster rate than even before the pandemic," continued Mr. Krell. "Our staff are delighted that we're able to offer them career paths in an industry they love. We're excited for what's to come over the next couple of years and beyond."
"Congratulations to Empire, Adam, and the team on the recent growth and acquisition of the Connecticut studios," said Mike Mettler, Orangetheory Fitness Franchisor's Chief Development Officer. "Orangetheory is excited for Empire's growth and continued investment in developing best in class studios and teams for our members."
Winston & Strawn LLP acted as legal counsel to Empire. The sellers were represented by MOK Advisors as financial advisor.
About Orangetheory
Orangetheory is a heart-rate based total-body group workout that combines science, coaching, and technology to produce maximum results from the inside out. Workouts are typically 1-hour long and are led by trained coaches, incorporating endurance, strength, and power to guide members through 5 different heart rate zones with the goal of burning more calories. The workout aims to increase excess post-exercise oxygen consumption (EPOC or the 'Orange Effect') whereby participants can continue to burn a higher rate of calories for up to 24 hours after their workout. There are currently over 1,400 fitness studios worldwide in the Orangetheory system.
About Empire Portfolio Group Holdings
Empire Portfolio Group Holdings, founded in 2013 and headquartered in New York City, is a leading franchisee and area representative of Orangetheory Fitness. The Company has over 40 Orangetheory Fitness studios across New York, New Jersey, and Connecticut.
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 $2.9 billion of assets under management. Since the Firm's inception in 2013, Revelstoke has completed 99 acquisitions, which includes 21 platform companies and 78 add-on acquisitions.
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SOURCE Empire Portfolio Group Holdings
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