ATLANTA–(BUSINESS WIRE)–Honors Holdings, LLC (“Honors”), the world’s largest Orangetheory Fitness franchisee announced today the acquisition of the Area Development Rights and four owned studios in Tennessee and Northern Mississippi. This is Honors’ 21st acquisition since partnering with Prospect Hill Growth Partners (“PHGP”) in December 2017.
Honors Holdings manages 200 Orangetheory Fitness studios excluding future development opportunities; 137 studios are owned and operated across 13 states and 63 studios are managed by sub-franchisees within its territories. Year to date, Honors has opened eight organic studios with 15 additional studios in development. Founded by Jamie Weeks in 2014, Honors has quickly grown to become the largest franchisee in the Orangetheory Fitness system.
Concurrent with the recent acquisition, Jason Carter was promoted to Chief Executive Officer of Honors Holdings. Jason came to Honors as Chief Operating Officer with 16 years of fitness industry experience, most recently with 24 Hour Fitness as a Regional Vice President with oversight and P&L responsibility for 80 clubs and 7,000 employees. Founder Jamie Weeks will assume the role of Executive Chairman.
“Since partnering with Jamie in 2017, we have watched the organization and studio base grow ten-fold. It is an amazing credit to Jamie’s leadership and culture to realize this growth which included navigating a global pandemic. The depth of the organization, quality of team and continuity is a significant advantage to Honors as it continues its growth. We look forward to the next evolution under Jason’s leadership as CEO and as a partner with Jamie who will be a continued resource to the organization and its future success,” said Jeff Teschke, Partner at Prospect Hill Growth Partners.
Additionally, Vanessa Vossler, who started as a part time coach in 2015, has been promoted to Head of Sales with oversight responsibility for membership and package sales for Honors’ 137 owned studios. Cameron Close, who started in 2016 as a part time sales associate, has been promoted to Head of National Coaching overseeing development and education for the more than 600 Honors coaches.
“We are extremely proud of the culture we have built at Honors over the last 8 years. Jason’s leadership and skill set fit perfectly to take over day-to-day leadership of the Company and continue our focus on culture inside the walls of our studios for members and employees to achieve more life with the best one-hour workout in the world. Vanessa and Cam are examples of how deep we dive into the success of our team on an individual level. Promotion from within Honors will always be a major cornerstone of our company. I couldn’t be happier for Jason, Vanessa and Cam,” said Jamie Weeks, Executive Chairman and Founder of Honors Holdings.
About Honors Holdings
Honors Holdings is the largest franchisee in the Orangetheory Fitness system with 137 owned and operated studios across 13 states and 63 studios managed as Area Representative. The Company was founded by Jamie Weeks in 2014 and now employs over 1,500 people. Orangetheory is a heart-rate based HIIT total-body group workout that combines science, coaching and technology to guarantee maximum results from the inside out. There are 2,500 Orangetheory locations globally.
About Prospect Hill Growth Partners, LP
Prospect Hill Growth Partners (www.prospecthillgrowth.com) is a Boston-area private equity firm that makes control equity investments in North American consumer and healthcare growth companies. The partners at Prospect Hill have collectively invested approximately $3 billion of capital in more than 35 portfolio companies over two decades. The partners’ successful investment track record has been built on their sector-focused investment strategy and expertise, a robust operational value-add model, and strong alignment of interests.