Orangetheory® Fitness, the energizing and fast-growing fitness franchise, today announced that an affiliate of Roark Capital Group, an Atlanta-based private equity firm that focuses on investing in the franchise industry, has become a strategic investor through a growth equity investment in the company. Terms were not disclosed.
“We decided to engage Roark as a strategic investor to support us as we continue to experience rapid growth in the U.S. and internationally, as well as expand our product and service quality,” said Dave Long, co-founder and chief executive officer of Orangetheory Fitness. “Our relationship with Roark will strengthen our mission to deliver proven fitness results for a healthier world.”
The Orangetheory Fitness management team, including Long, will remain unchanged and continue to lead the company. Roark Capital managing directors, Erik Morris and Steve Romaniello, will join the Board of Directors and provide strategic counsel and support. Additionally, this new partnership will enable Orangetheory Fitness to improve its systems and processes, while bringing its proven workout to millions across the globe.
“The founders and leadership team at Orangetheory have built a terrific brand that is generating amazing results,” said Morris. “Their culture and commitment to franchisee success aligns with Roark’s core philosophies. The corporate team, area representatives and franchisees are incredibly talented and strong, and we’re excited to help contribute to the brand’s success.”
Roark Capital Group is a private equity firm that focuses on investing in franchise and multi-unit business. Its affiliates have invested in over 50 franchise/multi-unit brands with approximately 22,000 units in 75 countries. Its portfolio of brands operate in the fitness, wellness, restaurant, retail, consumer and business services sectors. Some of these brands include Massage Envy, Arby’s, Carl’s Jr., Primrose Schools, Batteries Plus and Driven Brands.
“We specifically look for industry leading brands, like Orangetheory, with attractive performance, talented management teams and growth opportunities. The explosive growth Orangetheory has experienced in just five years is extremely impressive,” added Romaniello. “We look forward to being a part of their winning team.”
February 17, 2016