Honors Holdings LLC, an Orangetheory Fitness franchise group, has acquired 24 studios across six states, including operations in Las Vegas, New York City and the Washington, D.C. metro area, the Atlanta-based group announced. Financial details of the acquisition were not disclosed.
With these acquisitions, Honors now owns and operates 102 studios in Georgia, Kansas, Massachusetts, Nevada, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and Washington state. Honors also supports more than 50 sub franchisee locations across numerous markets as an area representative for the franchisor.
Prior to the COVID-19 pandemic. Honors' company-owned studios grew from 14 at the end of 2017 to more than 70 in the first quarter of 2020, including more than 20 new studio openings during this period. Honors anticipates returning to similar organic growth with plans to open more than 20 new studios in the upcoming year, according to the announcement.
Since its founding in 2014, Honors has completed 18 acquisitions consisting of more than 50 Orangetheory Fitness locations. Honors has more than 1,000 employees in 12 states.
Since 2017, Prospect Hills Growth Partners, Boston, has been the majority equity partner in Honors, but the company recently received a preferred equity investment from an affiliate of Denver-based KSL Capital Partners LLC.
“Honors has a deep passion and commitment to a member-first approach, so it was only natural that we’d seek out and identify a partner like KSL that focuses on operational excellence and collaborative partnerships to support our continued growth,” said Jamie Weeks, CEO of Honors.
Weeks also praised Orangetheory Fitness for being a good partner.
“Over the last year, we experienced the commitment of their leadership team firsthand as we worked together to address the challenges of the pandemic,” he said.
Weeks said that Honors has always focused on providing the best experience for everyone.
“Our growth can’t be achieved without focusing on the health of our new and existing members, employees and local communities,” he said. “We were fortunate to weather the pandemic while still paying our employees, and we’ve remained focused on providing tools to help our team, studio members and local communities grow.”
Over the last year, Honors has offered mental and physical health resources, including free Headspace subscriptions, for employees. Additionally, it has integrated AIRPHX’s proprietary air and surface disinfection technology in all of its owned studios. Finally, it has committed to providing memberships for 3,600 nurses in Metro Atlanta as a token of its appreciation for these essential frontline workers.