Orangetheory Fitness Area Developer Acquires 8 Studios in Northeast

Empire Portfolio Group, a New York-based area developer and franchisee of Orangetheory Fitness, has acquired eight studios in Maine, Vermont and New Hampshire, along with the area development rights for those regions, the company announced. No financial details were released.

The facilities were previously owned by Dwayne Duprey, Karen Duprey, Ian Phair and Beth Civiello.

This is Empire's second major acquisition this month, following its investment in four Connecticut studios earlier in July. With these acquisitions, Empire strengthens its ties to the New England and Mid-Atlantic regions with a total of more than 60 studios in Connecticut, New Jersey, New York, Maine, Vermont and New Hampshire.

"We have always planned to expand our footprint beyond New York, New Jersey and Connecticut, and we believe Maine, Vermont and New Hampshire have some of the strongest studios with a complementary 'happy, humble and hungry' culture to Empire's," Empire CEO Adam Krell said in the announcement.

The acquisition also provides Empire the ability to develop new studios as well as oversee current franchisees in Maine, Vermont and New Hampshire. Founded in 2013, Empire recently partnered with private equity group Revelstoke Capital Partners and has a dual mission of expanding career opportunities to current and future staff and increasing access to Orangetheory Fitness. Revelstoke, which was founded in 2013, has about $2.9 billion of assets under management, according to the announcement. The firm has completed 100 acquisitions, which includes 21 platform companies and 79 add-on acquisitions.  

"We look forward to our continued partnership with Empire through their latest acquisition, which enables Orangetheory to strengthen our presence in the New England region and expand our national portfolio," said Dave Long, CEO of Orangetheory Fitness. "We are inspired by this union and joint efforts to grow our Orangetheory community, allowing more members access to our science-backed workout that will help them live healthier, more vibrant lives in this region and beyond."