Revelstoke Capital Partners

Revelstoke Capital Partners Closes 100th Transaction


DENVER, July 27, 2021 – Denver-based private equity firm Revelstoke Capital Partners closed its 100th acquisition since its founding in 2013, with the acquisition of an eight-studio area representative and sub-franchisee of Orangetheory® Fitness with operations in Maine, Vermont, and New Hampshire by its portfolio company Empire Portfolio Group (“Empire”).  Since inception, Revelstoke has executed 21 platform investments and 79 add-on acquisitions totaling over $10 billion of acquired enterprise value.

“This milestone is a testament to our commitment to partnering with entrepreneurs and management teams as we seek to build market leading healthcare companies,” said Simon Bachleda, Co-Founder and Managing Partner of Revelstoke.  “Our progress is attributable to the team we have built, which brings together a broad range of operational, entrepreneurial and financial expertise with the goal of providing the highest level of service to our portfolio companies. We have seen a convergence of healthcare, wellness, technology and the consumer, a trend that has both affirmed our investment strategy and led to an increasing level of compelling investment opportunities for Revelstoke.”

Empire is a leading franchisee of Orangetheory Fitness with 27 owned and 32 sub-franchised studios. Since partnering with Revelstoke, 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. Since December 2020, Empire has doubled the size of its territory across the US and has nearly doubled its owned and operated studios from 15 to 27, with plans to accelerate this growth in the near future.

“Empire has grown substantially since our investment and we are strong believers in the long-term opportunity to significantly increase access to Orangetheory Fitness and other health and wellness services through a targeted de novo and buy and build strategy,” said Will Oliver, Vice President at Revelstoke.

Winston & Strawn LLP acted as legal counsel to Empire. The sellers were represented by MOK Advisors as financial advisor.

 About Empire Portfolio Group Holdings

Empire Portfolio Group Holdings, founded in 2013 and headquartered in New York City, is a leading franchisee and area representative of Orangetheory Fitness. The Company has over 60 Orangetheory Fitness studios across New York, New Jersey, Connecticut, Maine, Vermont and New Hampshire.

 About Orangetheory

Orangetheory is a heart-rate based total-body group workout that combines science, coaching, and technology to produce maximum results from the inside out. Workouts are typically 1-hour long and are led by trained coaches, incorporating endurance, strength, and power to guide members through 5 different heart rate zones with the goal of burning more calories. The workout aims to increase excess post-exercise oxygen consumption (EPOC or the ‘Orange Effect’) whereby participants can continue to burn a higher rate of calories for up to 24 hours after their workout. There are currently over 1,400 fitness studios worldwide in the Orangetheory system.

About Revelstoke

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related health and wellness sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $2.9 billion of assets under management. Since the Firm’s inception in 2013, Revelstoke has completed 100 acquisitions, which includes 21 platform companies and 79 add-on acquisitions.