April 2, 2020
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to a Northern California-based franchisee of Orangetheory Fitness (“Orangetheory”) in its acquisition by West Coast Fitness LLC, a leading area representative and franchisee of Orangetheory. The franchisee’s studios in the Bay Area have joined the West Coast Fitness platform of fifty-four Orangetheory studios across California and Ohio. In addition, West Coast Fitness oversees twenty-nine franchisees within its area representative territories. West Coast Fitness is backed by consumer-focused private equity firm, Castanea Partners.
Orangetheory Fitness is a science-backed, technology-based, coach-inspired global fitness franchise that launched its first studio in 2010. It has since grown into a leading fitness brand, with studios across all 50 states and more than 20 countries worldwide. The company consistently ranks in the top 5 of Franchise Times’ Fast & Serious list, which recognizes the “smartest-growing” brands in the industry.
Cascadia Capital was engaged by John Rowdon, the Orangetheory franchisee co-owner, to conduct a sale process to maximize value for shareholders. Cascadia ran a tailored process targeting select buyers with specific experience and understanding of the unique dynamics of the fast-growing and evolving fitness industry.
“Over the past decade the boutique fitness industry has experienced massive growth, with concepts like Orangetheory taking center stage,” noted Eric Coonrod, Senior Vice President of Cascadia Capital. “Mr. Rowdon was able to capitalize on this growth, and we are pleased to have been able to support his vision of selling his business to a leader within the network.”
“I am very grateful to the Cascadia team for their invaluable counsel and assistance in identifying a buyer with extensive experience in acquiring and managing a boutique fitness concept, and for seeing the transaction through to a great outcome for all parties,” said Mr. Rowdon.
The acquisition represents another successful transaction for Cascadia in the Health & Wellness sector. Other recent clients include OraHealth and California Natural Products.
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