Heart Rate Interval Training Fitness franchise is expanding rapidly in the New England and Central Atlantic regions and beyond
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 franchise, today announced the acquisition of eight studios in. famous Maine, Vermont and New Hampshire, along with the territorial development rights for these regions. This is Empire’s second major acquisition this month after investing in four Connecticut Studios in early 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 always planned to expand our footprint beyond that new York, New Jersey and Connecticut“Said the CEO of Empire, Adam Krell, “and we believe Maine, Vermont and New Hampshire have some of the strongest studios with a ‘happy, humble and hungry’ culture complementary to that of Empire. “
The acquisition also gives Empire the opportunity to develop new studios and bring in existing franchisees. to supervise Maine, Vermont and New Hampshire. Empire recently partnered with private equity group Revelstoke Capital Partners and has the dual mission of expanding career opportunities for current and future employees and providing access to the orangetheory fitness trifecta of science, coaching and technology for its growing membership base to enhance.
“We look forward to continuing our partnership with Empire through their recent acquisition, which will enable 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 the collective effort to grow our orange theory community and provide more members with access to our science-based training that will help them live healthier, more dynamic lives in this region and beyond.”
The story goes on
“I am pleased to give members the opportunity to take their health into their own hands, to offer our new employees career paths and benefits and, above all, to take advantage of the many growth opportunities that we can offer this community – be it development new studios in the region or the possibility for our employees to move seamlessly to another state and find a job in one of our studios, “says Krell.” The former owners, Dwayne Duprey, Karen Duprey, Ian Phair, and Beth Civiello, has created a strong and engaged community and it is an honor and a privilege to continue your mission. “
“In the last eight years, together with our members, our suppliers and all of our employees – both the former and the current – we have turned an initial dream of a studio into eight of our own studios, twelve of them in NH, ME and VT.” said Mr. Duprey. “We began this journey believing that orangetheory fitness could change people’s lives and that we could do it from within. We still believe that Empire Portfolio Group today, as we know, will continue to grow existing and new studios for the future. The memories we have are incredible. We are blessed and honored to have had the opportunity to bring the passion for orange to the region. “
Winston & Strawn LLP acted as legal advisor to Empire. The sellers were represented by MOK Advisors as financial advisor.
About orange theory
Orangetheory is a heart rate based full body group training that combines science, coaching and technology to achieve maximum results from within. The workouts typically last 1 hour and are led by trained coaches who incorporate endurance, strength and power to guide members through 5 different heart rate zones with the aim of burning more calories. The training aims to increase the post-workout excess oxygen consumption (EPOC or the “Orange Effect”), which allows participants to burn a higher rate of calories for up to 24 hours after training. There are currently over 1,400 fitness studios worldwide using the Orange Theory system.
About Empire Portfolio Group Holdings
Empire Portfolio Group Holdings, founded in 2013 and based in head New York City, is a leading franchisee and sales representative for Orangetheory Fitness. The company has more than 60 Orangetheory gyms throughout new York, New Jersey, Connecticut, Maine, Vermont and New Hampshire.
About Revelstoke
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 $ 2.9 billion of managed assets. Since the company was founded in 2013, Revelstoke has completed 100 acquisitions, including 21 platform companies and 79 additional acquisitions.
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SOURCE Empire Portfolio Group
