Castanea Partners Announces Investment in West Coast Fitness | Business Wire

NEWTON, Mass.–(BUSINESS WIRE)–Castanea Partners announced today it made an investment in West Coast

Fitness LLC, a leading franchisee and area representative of Orangetheory^®

Fitness

that operates ten Orangetheory studios and oversees an

additional seventeen studios owned by other franchisees in Los Angeles

and San Francisco’s South Bay area. West Coast Fitness founders Paul

Marcus and Brendon Ayanbadejo remain significant shareholders and will

continue to lead the business.

“We are thrilled to partner with the Castanea team,” said Paul Marcus,

CEO of West Coast Fitness. “Castanea has extensive experience growing

successful passion brands and their investment will provide the

resources to accelerate our expansion in California and pursue

acquisition opportunities in other markets.”

Brendon Ayanbadejo, President of Fitness at the Company added, “We

remain extremely excited to continue building the West Coast Fitness

platform and to work closely with Castanea to strengthen our operational

capabilities and further enhance our members’ fitness experience.”

Founded by Dave Long, Ellen Latham and Jerome Kern, Orangetheory has

developed an approach to fitness that blends a trifecta of science,

coaching, and technology and aims to elevate participants’ heart rates

to help burn more calories. Orangetheory workouts incorporate endurance,

strength, and power to generate the ‘Orange Effect’ – whereby

participants burn fat calories for up to 36 hours after a 60‐minute

workout. Orangetheory has 1,000 studios in 48 U.S. states and 18

countries

“Orangetheory is an exceptional brand, evidenced by its growth and

passionate member community,” said Adam

Garcia Eveloff

, Partner at Castanea, “and West Coast Fitness is a

best-in-class operator within the system. We are excited about the

opportunity to work with Paul and Brendon to expand the business in our

current territories and to grow strategically through acquisitions and

continue to be a leader within the Orangetheory network.”

Latham & Watkins served as legal counsel to Castanea. Davis Wright

Tremaine served as legal counsel and Piper Jaffray & Co. served as

financial advisor to West Coast Fitness in the transaction.

Terms of the transaction were not disclosed.

About Castanea

Castanea is a private equity firm that works in partnership with

founders and management teams of innovative passion brands to grow their

businesses through a combination of capital investment and operating

expertise. We are focused on select consumer verticals including beauty,

food and beverage, multi-unit services, and enthusiast lifestyle. We

typically invest between $15 to $150 million of equity in minority or

majority transactions. Our team of talented operating executives offers

critical expertise in key verticals and functional areas, and provides

our partner companies with strategic and tactical support. Castanea has

more than $1 billion in assets under management and is currently

investing from a $735 million fourth fund. For more information about

Castanea Partners visit www.castaneapartners.com.

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