Denver-based private equity firm- Revelstoke Capital Partners, has recently announced acquiring a majority stake in Empire Portfolio Holdings. For the record, Empire currently serves as a leading area and franchisee representative of Orangetheory Fitness and operates and owns a portfolio of 27 sub-franchised studios and 15 Orangetheory studio across Connecticut, New Jersey, and New York.
As per credible reports, the investment is expected to support Empire’s new studio development across the country, offering expanded access to Orangetheory Fitness’ belt of coaching, science, and technology, which offers improved health and wellness to members.
It has been reported that Founder and CEO of Empire, Adam Krell, would retain a considerable share in the business while leading it from the front.
Commenting on the acquisition, Krell remarked that the firm is delighted to partner with Revelstoke for Empire’s new phase of growth. Revelstoke’s investment in the company would provide Empire with capital and resources to escalate the de-novo studio expansion and look toward strategic acquisition opportunities.
This would create significant opportunities for growth and career progression and would continue to expand the positive impact the company has on the communities in which it operates. He also added that the company is firm on its vision of emerging as one of the largest Orangetheory franchisees in the system.
On the other hand, Simon Bachleda, Managing Partner and Co-Founder of Revelstoke, cited that the company is elated to welcome onboard the team of Empire while also supporting Orangetheory Fitness in its growth journey.
Speaking on the novel acquisition, VP at Revelstoke, Will Oliver commented that the company firmly believes that wellness, health, and fitness in a community setting would become an integral part of people’s lives. Revelstoke is looking forward to working with Adam to create and acquire studies and generate new members who have been important to Orangetheory’s phenomenal growth.