Leading private equity firm The Halifax Group announced today it has completed an investment to recapitalize Maverick Fitness Holdings, LLC, which consists of more than 30 Orangetheory Fitness studios in the Dallas-Fort Worth area. Halifax partnered with Maverick's CEO Shane Adams and the Company's management team, which will remain with the Company after the transaction. Terms were not disclosed.
Headquartered in Frisco, TX, Maverick is one of the largest franchisees for Orangetheory Fitness, with 31 studios and 23,000 members in North Texas. Each Orangetheory Fitness class is taught by a highly trained coach who conducts personalized group sessions designed for 24 participants at a time. Orangetheory Fitness classes utilize treadmills, water rowing machines, mini bands and TRX® suspension unit systems, as well as free weights and benches. Each class utilizes technology which allows members to capture real-time performance data, measure their overall workout results, and set new goals.
Mr. Adams said, "Halifax is well-known for its focus on wellness and franchising, and we are excited to collaborate with their team to expand our model and bring the Orangetheory network to more communities in Texas and beyond. As the Orangetheory method hits its stride and reaches a wider audience, our vision is to offer customers a place where they can confidently accomplish their fitness goals while changing their health for the better."
David Bard, Managing Director at Halifax, said, "As consumers continue to focus on healthier living, there is a growing need in the market for strong fitness brands with custom offerings like Orangetheory Fitness. In Maverick, Shane and his team have built a leading platform with the Orangetheory Fitness brand, and we look forward to partnering with them to provide financial and operational resources."
"We are excited to support an outstanding Maverick Fitness team as it executes its strategy to expand the Orangetheory Fitness offering and further differentiate itself in the surging fitness field," added Amit Swaroop, Vice President at Halifax.
About Orangetheory® Fitness
Orangetheory® (www.orangetheoryfitness.com) makes it simple to get More Life from your workout. One of the world's fastest-growing franchise companies, Orangetheory has developed a unique approach to fitness that blends a unique trifecta of science, coaching and technology that work together seamlessly to elevate participants' heart rates to help burn more calories. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orangetheory workouts incorporate endurance, strength and power to generate the "Orange Effect," whereby participants keep burning calories for up to 36 hours after a 60-minute workout. Orangetheory franchisees have opened over 1,300 studios in all 50 U.S. states and over 23 countries. The company was ranked #60 in Inc. magazine's Fastest Growing Private Companies list and was listed as #25 on the 2019 Entrepreneur Franchise 500 list.
About The Halifax Group
Founded in 1999, The Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and grow lower middle-market businesses with total enterprise values generally between $50 million and $300 million. Halifax specializes in equity recapitalizations, corporate carve-outs and management buyouts and invests across a variety of industries, including outsourced business services, health and wellness and franchising. The firm is headquartered in Washington, D.C. For more information, please visit www.thehalifaxgroup.com.
