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strategic investor to support us as we continue to experience rapid growth in the U.S. and internationally, as well as to expand our product and ser- vice quality,” says Orangetheory’s co- founder and CEO Dave Long. “Our re- lationship with Roark will strengthen our mission to deliver proven fitness results for a healthier world.” The partnership will enable


Orangetheory Fitness Receives Growth Equity Investment


Investor will support rapid growth


equity firm Roark Capital Group has become a strategic investor in the com- pany. Its portfolio of brands operates in the fitness, wellness, restaurant, re- tail, consumer and business services sectors. “We decided to engage Roark as a


F


itness franchise Orangetheory® Fitness announces that an af- filiate of Atlanta-based private


Orangetheory to improve its sys- tems and processes and to introduce its workout around the world. The Orangetheory Fitness management team will remain unchanged; Two Roark Capital managing directors will join the board of directors to provide strategic counsel and support. Orangetheory launched its first


studio in Fort Lauderdale, Florida, in 2010, and it now has more than 360 studios in 36 states and seven coun- tries, including the U.S., Canada, U.K., Australia, Mexico, the Dominican Republic and Colombia. The company has 24 studios in Canada with plans to open an additional 35 Canadian lo- cations, including one in downtown Toronto this year.


Technogym Files for IPO I


talian fitness equipment manufacturer Technogym has filed for a possible initial pub-


lic offering (IPO) on the Milan stock exchange. According to a report in ItalyEurope24, the


company is owned 60 percent by founder Nerio Alessandri and his brother Pierluigi and 40 per- cent by the private equity group Arle Capital Partners. Technogym saw its EBITDA rise 77% to 64.8 million euros in 2014, as revenues in- creased 13 percent to 466 million. Net debt narrowed to 57.2 million euros at the end of 2014 from 87 million euros the year earlier. Candover Investments valued the company this year at approximately one billion euros. Technogym employs over 2,200 employees


with 14 offices in Europe, U.S., Asia, the Middle East and Australia. More than 65,000 facilities and 100,000 private homes around the world are equipped with Technogym equipment.


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March/April 2016 Fitness Business Canada 9


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