The terms of the deal were not disclosed. In conjunction with the funding, the Orangetheory Fitness management team, including Long, will remain unchanged and continue to lead the company while Roark Capital managing directors, Erik Morris and Steve Romaniello, will join its Board of Directors.
The company will use the funds to continue to grow in the U.S. and internationally and to improve its systems and processes.
Led by Dave Long, co-founder and chief executive officer, Orangetheory Fitness provides a science-based, 60-minute, five zone, heart-rate monitored interval training training workout broken into intervals of cardiovascular and strength training.
Following the opening of its first studio in Fort Lauderdale, Fla. in March 2010, the company has grown more than 360 studios in 36 states and seven countries, including U.S., Canada, U.K., Australia, Mexico, Dominican Republic and Colombia. According to a note, the fitness franchise is on track to reach 700 studios by 2017.
FinSMEs
18/02/2016