Orangetheory Fitness Franchisee and Developer, Empire Portfolio Group, Acquires Four Studios in Connecticut
Posted: July 13, 2021 in Chains
Orangetheory Fitness
NEW YORK, N.Y. – Empire Portfolio Group (“Empire”), a leading Area Developer and Franchisee of Orangetheory Fitness, the heart-rate based interval training fitness franchise, announced it has acquired four studios in Fairfield, Norwalk, Westport and Shelton, CT. With these Connecticut acquisitions, Empire strengthens its ties in the tri-state region with a total of more than 40 studios in Connecticut, New Jersey and New York.
“We’re thrilled about our continued growth,” said Empire’s CEO, Adam Krell. “As current operators of some of the strongest performing studios in Connecticut, this opportunity was a natural next step for us. The communities that the former owners, Mark Molina and Fred Maudsley, created share our same values of integrity, accountability and passion, and we thank them for the opportunity to continue the legacy they built.” Mr. Molina opened the first Orangetheory Fitness studio in Connecticut in 2014. “This transaction successfully culminates years of hard work, and I believe Empire’s financial breadth and operating acumen will enhance even further the Orangetheory experience for our members,” said Molina.
Since partnering with Revelstoke Capital Partners, a leading private equity firm focused on health and wellness, in December of 2020, Empire has been able to expand career opportunities to current and future staff as well as increase access to the Orangetheory Fitness trifecta of science, coaching, and technology to its growing membership base.
“Our membership is growing at a faster rate than even before the pandemic,” continued Mr. Krell. “Our staff are delighted that we’re able to offer them career paths in an industry they love. We’re excited for what’s to come over the next couple of years and beyond.”
“Congratulations to Empire, Adam, and the team on the recent growth and acquisition of the Connecticut studios,” said Mike Mettler, Orangetheory Fitness Franchisor’s Chief Development Officer. “Orangetheory is excited for Empire’s growth and continued investment in developing best in class studios and teams for our members.”
Winston & Strawn LLP acted as legal counsel to Empire. The sellers were represented by MOK Advisors as financial advisor.
