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Orangetheory Fitness/Self Esteem Brands
David Long, Ellen Latham and Jerome Kern founded Orangetheory Fitness in 2010 in Fort Lauderdale, Florida. The concept — heart-rate-monitored interval training...
Orangetheory Fitness/Self Esteem Brands
David Long, Ellen Latham and Jerome Kern founded Orangetheory Fitness in 2010 in Fort Lauderdale, Florida. The concept — heart-rate-monitored interval training delivered in branded studios — grew rapidly through a franchise model. Private equity firm Roark Capital invested in 2013, scaling the brand to over 1,500 studios across the United States, Canada, Latin America, Europe, and Asia-Pacific before selling a majority stake in 2019. Self Esteem Brands operates across multiple fitness modalities and adjacent personal-care categories. The portfolio spans value-oriented gyms (Anytime Fitness), premium HIIT (Orangetheory), boutique strength training (Basecamp Fitness), and waxing services (Waxing the City). The firm's franchise-first model outsources unit-level capital expenditure to operators while retaining brand-level equity and royalty streams. In 2021, the company acquired The Bar Method, a barre-based fitness chain, and in 2022 it launched a co-branded wellness concept merging Anytime Fitness and Basecamp Fitness with digital health coaching through a partnership with Apple Fitness+. Headquartered in Boca Raton, Florida, Self Esteem Brands operates a lean corporate team relative to systemwide revenue. The company disclosed 5,000 franchised locations across 50 countries in 2023 (per the firm's official communications). David Long serves as CEO and Jerome Kern and Ellen Latham remain involved in brand strategy. In October 2023, Self Esteem Brands merged with Xponential Fitness, creating a public-company franchise platform with approximately 7,000 studios (per Franchise Times, October 2023). The structural differentiator is the holdco model applied to non-competing, time-slot-differentiated fitness and wellness franchises. Unlike pure-play boutique chains, Self Esteem Brands aggregates multiple consumer-budget and schedule windows under a single corporate entity. This portfolio architecture allows shared back-office infrastructure and real-estate relationships across belts ranging from low-price, 24-hour gym access to premium small-group training — hedged further by recurring-waxing and stretching services that are less cyclical than fitness membership alone.
General information
Firm type
Asset Manager
Year founded
2010
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boca Raton
Corporate office
Boca Raton, FL, United States
Principals
David Long
Co-Founder and CEO
Ellen Latham
Co-Founder and Brand Strategist
Jerome Kern
Co-Founder
Sector focus
Frequently asked questions
Who controls investment decisions at Self Esteem Brands?
The company pursued a franchise-growth strategy rather than operating as a dedicated investment office. Growth capital came from private equity backers, most notably Roark Capital, which held a majority stake in Orangetheory from 2013 until the 2019 sale. In October 2023, Self Esteem Brands merged with Xponential Fitness, with Xponential CEO Anthony Geisler leading the combined public company (per Franchise Times, October 2023). The merged entity makes brand-acquisition and capital-allocation decisions at the corporate level.
How does Self Esteem Brands source new acquisition targets?
The firm uses a franchise roll-up strategy, acquiring established boutique brands with existing unit economics and franchisee bases. Acquisitions like Waxing the City, The Bar Method, and Basecamp Fitness were purchased from founders or prior investors through negotiated bilateral deals rather than auction processes, given the company's operating expertise in scaling franchised studio concepts. The merger with Xponential Fitness unified two of the largest franchisors in the boutique fitness space.
Is Self Esteem Brands structured as a family office or a private equity platform?
Neither strictly — Self Esteem Brands functions as a franchisor holding company that was historically backed by private equity firm Roark Capital. The 2023 merger with Xponential Fitness shifted the entity to a public-company structure. It is not a family office; it is a consolidated operator and acquirer of fitness and personal-care franchise brands.
Which sectors does Self Esteem Brands avoid?
The company has focused exclusively on franchised, brick-and-mortar wellness businesses — fitness, barre, stretching, and waxing. It has not expanded into adjacent segments like nutrition products, apparel manufacturing, or digital-only fitness platforms. The co-branded Apple Fitness+ partnership in 2022 added a digital layer but the core bet remains on recurring-revenue, location-based franchise royalties.
How does the merger with Xponential Fitness change the investment posture?
The October 2023 merger with Xponential Fitness moved the combined entity to the public markets, creating a platform holding approximately 7,000 studios across brands including Club Pilates, Pure Barre, CycleBar, and StretchLab alongside Orangetheory and Anytime Fitness (per Franchise Times, October 2023). This changes capital sourcing from private equity to public equity and may accelerate roll-up activity, as the public valuation multiple provides acquisition currency for consolidating additional boutique brands.
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