NEW YORK, July 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 eight studios in Maine, Vermont and New Hampshire, along with the area development rights for those regions. This is Empire's second major acquisition this month, following its investment in four Connecticut studios earlier in July. With these acquisitions, Empire strengthens its ties to the New England and Mid-Atlantic regions with a total of more than 60 studios in Connecticut, New Jersey, New York, Maine, Vermont and New Hampshire.
"We have always planned to expand our footprint beyond New York, New Jersey and Connecticut," said Empire's CEO, Adam Krell, "and we believe Maine, Vermont and New Hampshire have some of the strongest studios with a complementary 'happy, humble and hungry' culture to Empire's."
The acquisition also provides Empire the ability to develop new studios as well as oversee current franchisees in Maine, Vermont and New Hampshire. Empire recently partnered with private equity group Revelstoke Capital Partners and has a 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 our continued partnership with Empire through their latest acquisition, which enables Orangetheory to strengthen our presence in the New England region and expand our national portfolio," said Dave Long, CEO of Orangetheory Fitness. "We are inspired by this union and joint efforts to grow our Orangetheory community, allowing more members access to our science-backed workout that will help them live healthier, more vibrant lives in this region and beyond."
"I am pleased to provide members the ability to take control of their health, to offer career paths and benefits to our new staff, and most of all, to pursue the many growth opportunities we will be able to provide to this community – whether it be the development of new studios in the region or the ability for our staff to seamlessly move to a different state and find employment in one of our studios," said Krell. "The former owners, Dwayne Duprey, Karen Duprey, Ian Phair, and Beth Civiello, created a strong and committed community, and it is an honor and a privilege to continue their mission."
"Over the past eight years, together with our members, our vendors, and all our staff- those past and present, we have grown what was an initial dream of one studio into eight owned, twelve total in NH, ME and VT," said Mr. Duprey. "We began this journey believing that Orangetheory Fitness could change people's lives and that we were going to make it happen from the inside out. We still believe that today, as we know Empire Portfolio Group will continue to grow the existing studios and new ones in the future. The memories we have are incredible. We are blessed and honored to have had the opportunity to help bring the Orange passion to the region."
Winston & Strawn LLP acted as legal counsel to Empire. The sellers were represented by MOK Advisors as financial advisor.
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 60 Orangetheory Fitness studios across New York, New Jersey, Connecticut, Maine, Vermont and New Hampshire.
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 100 acquisitions, which includes 21 platform companies and 79 add-on acquisitions.
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SOURCE Empire Portfolio Group