Honors Holdings, the Largest Franchisee of Orangetheory Fitness, Acquires Significant Operations in New England
Posted: January 8, 2020 in Chains
ATLANTA, GA – Honors Holdings, a leading global franchisee of Orangetheory Fitness, the heart-rate based interval training fitness franchise, has announced their expansion into the northeast United States with several recent acquisitions including 12 corporate-owned studios and area development rights for both Massachusetts and Rhode Island, as well as more than 20 sub-franchised locations. Terms were not disclosed.
With these recent acquisitions, Honors now operates more than 75 corporate studios for over 45,000 members, further cementing its’ position as a leading global franchisee of Orangetheory Fitness, one of the fastest growing fitness brands in the world. In addition to the recent studio acquisitions in Massachusetts and Rhode Island, Honors owns and operates studio locations across Georgia, Tennessee, South Carolina, Oregon, Washington, and the United Kingdom.
“Honors operates studios all over the world. While each market is different, all of our markets share one thing in common – they are filled with loyal fitness enthusiasts who demand high quality facilities and coaching. We look forward to continuing to meet the demand for Orangetheory’s extraordinary fitness brand with over 100 corporate studios, worldwide, in 2020,” said Jamie Weeks, President & CEO of Honors Holdings.
Orangetheory Fitness, the science-backed, technology-tracked, coach inspired global fitness franchise, launched its first studio in Fort Lauderdale, Florida in March 2010, and has transformed into one of the world’s top fitness brands, with 1300 studios across all 50 states and 23 countries, with 500+ studios in the development pipeline. Orangetheory Fitness was ranked at No. 48 on the Franchise 500 Ranking by Entrepreneur and No. 1 on Franchise Times’ Fast & Serious list, which recognized the company as the smartest-growing brand in the industry. Each Orangetheory Fitness class is taught by a highly trained coach who conducts personalized group sessions utilizing treadmills, water rowing machines, mini bands and TRX® suspension unit systems, as well as free weights and benches. Classes utilize technology which allows members to capture real-time performance data, measure their overall workout results, and set new goals.
“Honors Holdings continues to be a leading franchisee in our system. We are excited to see the accelerated growth of Orangetheory in the northeast market under Honors’ leadership. There is enormous demand in Boston for our brand and we look forward to Honors delivering the same best-in-class results we have seen in their other markets,” stated Dave Long, co-founder and CEO of Orangetheory Fitness.
“When we partnered with Jamie and the Honors’ management team in late 2017, Boston was on our radar as a substantial growth opportunity for Orangetheory. Starting with our initial platform of only 16 studios, the team’s track record has been exceptional including both new studio openings and improving the member experience at acquired locations. With the tremendous demand for fitness in Greater Boston and the northeast, there are exceptional development opportunities for Orangetheory. We couldn’t be more excited about the continued runway for growth at Honors,” said Jeff Teschke, Partner at Prospect Hill Growth Partners.
Latham & Watkins served as legal counsel to Honors Holdings for the acquisitions. The sellers of the Western Massachusetts and Rhode Island development rights and nine Orangetheory Fitness studios were represented by MOK Capital Advisors as financial advisor. The seller of the Eastern Massachusetts development rights and three Orangetheory Fitness studios were represented by Piper Jaffray & Co. as financial advisor.