Investor will support rapid growth
Fitness franchise Orangetheory® Fitness announces that an affiliate of Atlanta-based private equity firm Roark Capital Group has become a strategic investor in the company. Its portfolio of brands operates in the fitness, wellness, restaurant, retail, consumer and business services sectors.
“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 to expand our product and service quality,” says Orangetheory’s co-founder and CEO Dave Long. “Our relationship with Roark will strengthen our mission to deliver proven fitness results for a healthier world.”
The partnership will enable Orangetheory to improve its systems and processes and to introduce its workout around the world. The Orangetheory Fitness management team will remain unchanged; Two Roark Capital managing directors will join the board of directors to provide strategic counsel and support.
Orangetheory launched its first studio in Fort Lauderdale, Florida, in 2010, and it has more than 360 studios in 36 states and seven countries, including the U.S., Canada, U.K., Australia, Mexico, the Dominican Republic and Colombia. The company has 24 studios in Canada with plans to open an additional 35 Canadian locations, including one in downtown Toronto this year.