NEW YORK, Sept. 21, 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 eleven studios and the area development rights in Northern Virginia and Washington, D.C. The sellers include Alan Luchnick and Steve Kolakowski.
This transaction marks Empire's fourth acquisition since partnering with Revelstoke Capital Partners ("Revelstoke") in December 2020 and strengthens Empire's position on the East Coast, which now includes a total of over 120 studios across nine states and Washington, D.C.
"We are excited to join forces with the Northern Virginia and Washington, D.C. markets as we take another step on our growth journey. Their operating expertise and devoted member base are complementary to the Empire platform, and we look forward to expanding our Orangetheory footprint to more communities in the area," said Empire's CEO, Adam Krell.
This partnership also provides Empire with the ability to develop new studios and oversee current franchisees in the Northern Virginia and Washington, D.C. areas. 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.
"Empire's pace of growth in the first year of our partnership aligns with our strategy and builds upon the Empire legacy with the goal of building the premier Orangetheory franchisee in the system," said Simon Bachleda, Co-Founder and Managing Partner of Revelstoke.
"We opened the first Orangetheory Fitness studio in Northern Virginia in 2013, and since then, our area has grown to over 45 locations, with our 11 locations serving more than 7,000 members. We strongly believe in the quality of the service we are providing and are proud of the locations we have developed over the last eight years," said Mr. Luchnick. "We ultimately chose to sell to Empire Portfolio Group because they are closely aligned with the values of our team, and they are the best fit to continue the growth and expansion of Orangetheory Fitness in the region. Our locations and people are in great hands with Empire," said Mr. Kolakowski.
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.
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 120 Orangetheory Fitness studios across New York, New Jersey, Connecticut, Maine, Vermont, New Hampshire, North Carolina, South Carolina, Virginia, and Washington, D.C.
About Revelstoke Capital Partners
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 110 acquisitions, which includes 21 platform companies and 89 add-on acquisitions.
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SOURCE Empire Portfolio Group