Ownership profile
Who owns Orangetheory Fitness?
Orangetheory Fitness is a franchise brand operated by Ultimate Fitness Group, LLC, now wholly owned under Purpose Brands, LLC — a holding company formed in April 2024 from the merger of Orangetheory and Self Esteem Brands (parent of Anytime Fitness). Private equity firm Roark Capital Group has been a key investor since 2016 and continues to back and influence the combined entity.
Ownership profile
Orangetheory Fitness
Purpose Brands, LLC (formerly Ultimate Fitness Group, LLC d/b/a Orangetheory Fitness at the operating-company level)
Evidence (11)
Purpose Brands holds the Orangetheory Fitness brand alongside Anytime Fitness, Waxing the City, Basecamp Fitness/SUMHIIT Fitness, The Bar Method, Stronger U Nutrition, Healthy Contributions, and Provision Security.
https://www.purposebrands.com/Purpose Brands, LLC is headquartered in both Boca Raton, Florida and Woodbury, Minnesota, and operates across more than 7,000 franchise locations in 50+ countries.
https://www.healthandfitness.org/purpose-brands-llc-poised-for-rapid-expansion-in-the-global-wellness-economy-names-experienced-services-leader-tom-leverton-as-chief-executive-officer/Orangetheory Fitness and Self Esteem Brands (parent of Anytime Fitness) completed a merger on April 2, 2024, forming Purpose Brands, LLC as the new parent holding company.
https://www.prnewswire.com/news-releases/orangetheory-fitness-and-self-esteem-brands-complete-merger-creating-the-worlds-largest-footprint-in-fitness-health-and-wellness-services-302105939.htmlRoark Capital, which invested in Self Esteem Brands in 2014 and Orangetheory Fitness in 2016, will continue to support the newly merged Purpose Brands entity alongside the founders and leadership teams.
https://www.prnewswire.com/news-releases/orangetheory-fitness-and-self-esteem-brands-complete-merger-creating-the-worlds-largest-footprint-in-fitness-health-and-wellness-services-302105939.htmlBoth Orangetheory Fitness and Self Esteem Brands were privately owned but shared Roark Capital as a common investor prior to the merger; Roark is described as an Atlanta-based private equity firm that primarily invests in franchises.
https://tcbmag.com/anytime-fitness-parent-to-merge-with-orangetheory/The merger was an all-stock transaction described as a 'merger of equals,' creating a company with approximately 7,000 franchise locations and $3.5 billion in systemwide sales.
https://www.prnewswire.com/news-releases/orangetheory-fitness-and-self-esteem-brands-announce-intent-to-merge-as-equals-creating-a-new-company-representing-one-of-the-largest-footprints-of-fitness-health-and-wellness-services-302076297.htmlRoark Capital Group, an Atlanta-based private equity firm, made a growth equity investment in Orangetheory Fitness in 2016, with managing directors joining the Board of Directors.
https://www.prnewswire.com/news-releases/orangetheory-fitness-receives-growth-equity-investment-from-roark-capital-group-300221367.htmlRoark Capital board representatives are present on the Purpose Brands board, indicating ongoing substantial influence over governance.
https://canvasbusinessmodel.com/blogs/owners/orangetheory-fitness-who-ownsThe operating entity behind the Orangetheory Fitness brand is Ultimate Fitness Group, LLC, doing business as Orangetheory Fitness.
https://www.bloomberg.com/profile/company/1378969D:USEntrepreneur magazine identifies Ultimate Fitness Holdings LLC as the parent franchise entity for Orangetheory Fitness.
https://www.entrepreneur.com/franchises/directory/orangetheory-fitness/334252Orangetheory Fitness operates as a franchise system; individual franchisees own and operate studios. Multiple PE-backed franchisee platforms (e.g., Level 5 Capital Partners' L5 Fitness, Revelstoke Capital's Empire Portfolio Group, Brentwood Associates' Afterburn Holdings) have acquired large groups of studio franchises — this PE activity is at the franchisee level, not the franchisor/brand level.
https://www.boxwoodpartners.com/press-releases/level-5-buys-112-orangetheory-studios-plus-more-bold-dealsWhat's uncertain
- The exact size and nature of Roark Capital's current stake in Purpose Brands LLC (majority vs. significant minority) has not been publicly disclosed; the pe_involvement is scored 'controlled' based on Roark's board representation, its role as the common PE backer of both pre-merger entities, and multiple corroborating news sources, but no SEC filing or definitive shareholder agreement is publicly available confirming a majority stake.
- The merger was an all-stock transaction — the precise equity split between founder/operator shareholders and Roark Capital post-merger has not been publicly confirmed. Structure confidence is slightly reduced as a result.
- The Entrepreneur franchise directory lists 'Ultimate Fitness Holdings LLC' as the parent franchise entity, while Bloomberg identifies the operating company as 'Ultimate Fitness Group, LLC.' Both names appear in public sources; the exact legal entity structure beneath Purpose Brands LLC could not be fully confirmed from public registries.
- PE activity at the franchisee level (Level 5 Capital Partners, Revelstoke, Brentwood Associates) is flagged for consumer awareness but is distinct from ownership of the Orangetheory brand/franchisor itself.
- Sources as of July 2026; ownership details reflect the April 2024 merger. Any subsequent secondary transactions or capital restructuring at Purpose Brands LLC would not be captured here.