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NEWS
UPDATE: Self Esteem Brands and Orangetheory are seeking a CEO for their merged business
POSTED 12 Mar 2024 . BY Liz Terry
Runyon and Mortensen will join Dave Long on the board of the new company once a CEO has been appointed Credit: Self Esteem Brands
Self Esteem Brands and Orangetheory, which announced their intention to merge on 29 February, are looking for a new CEO of the combined business
The co-founder of Self Esteem Brands, Dave Mortensen and Chuck Runyon will transition to the board upon the new appointment, relinquishing their executive roles, while Long will remain in post as CEO of Orangetheory
The seven strong board will include the three founders and representatives of their shared finance house
The name of the new business has not yet been revealed
This story was updated at 14.00GMT on 14 March 2024 and 16.00 GMT on 15 March 2024

Self Esteem Brands (SEB) and Orangetheory, which announced a ‘merger of equals’ on 29 February, have told HCM they've begun the search for a new CEO of the combined business – the name of which has yet to be revealed.

HCM understands that upon their appointment, the founders of SEB – Chuck Runyon and Dave Mortensen – will stand down from their executive positions and take up places on a seven-strong board of directors to work together to drive the growth of the new business.

A spokesperson for Orangetheory today (14 March 2024) told HCM the organisation structure of the new company is still being worked out and that Dave Long will serve in a dual role, continuing as CEO of Orangetheory, while also sitting on the board of the new company. It's not yet clear how Long will function in relation to the CEO of the new business.

This is a change from our original reporting on this story, which said that Long would also relinquish his executive role upon the appointment of the CEO of the newco. We now understand that this is not the case.

It has been confirmed that the seven-strong board of the new company will be composed of:

Chuck Runyon, co-founder and current CEO of Self Esteem Brands
Dave Mortensen, co-founder and current president of Self Esteem Brands
Dave Long, co-founder and CEO of Orangetheory Fitness
David Hardy, Orangetheory Fitness partner and president, Franvest Capital Partners
Kevin Hoffman, managing director, Roark Capital
Erik Morris, chief investment officer, Roark Capital

This is a change from our original reporting which said that the new CEO would sit on the board.

The various parts of the business will continue to function as normal while the merger takes place.

Speaking exclusively in the current edition of HCM, Long said Orangetheory can see demand for up to 10k locations globally for its concept, echoing the position of Dave Mortensen, who told HCM SEB had the same goal (10k locations) in an exclusive interview in 2023.

Although the merger is likely to have counted towards SEB’s target, it still seems the new company will have ambitious growth targets far in excess of 10k locations, with the potential of an IPO at some point in time, although there has been no mention of this yet from either business.

To read HCM’s interview with Dave Long, click here to sign up for a free digital subscription or visit HCMmag.com/archive.

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As franchise business Orangetheory Fitness merges with Self Esteem Brands, its CEO tells Kate Cracknell about plans to expand to 10,000 units globally
  Orangetheory and Self Esteem Brands are to merge to form a $3.5 billion business


Orangetheory and Self Esteem Brands have revealed plans to merge 'as equals' creating a new company with around US$3.5 billion a year in sales and 7,000 franchises in 50 countries.
  Self Esteem Brands reports results, does deal with Apple Fitness and reveals plans to crank up international expansion


Self Esteem Brands (SEB), owner of Anytime Fitness, has released year-end results which show year-on-year revenues up by 12.3 per cent and the launch of 500 new franchise units globally.
  Chuck Runyon refutes rumours Anytime Fitness is for sale


Chuck Runyon, CEO of Self Esteem Brands (SEB), has told HCM that rumours the company is considering selling its Anytime Fitness brand are “categorically untrue”.
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NEWS
UPDATE: Self Esteem Brands and Orangetheory are seeking a CEO for their merged business
POSTED 12 Mar 2024 . BY Liz Terry
Runyon and Mortensen will join Dave Long on the board of the new company once a CEO has been appointed Credit: Self Esteem Brands
Self Esteem Brands and Orangetheory, which announced their intention to merge on 29 February, are looking for a new CEO of the combined business
The co-founder of Self Esteem Brands, Dave Mortensen and Chuck Runyon will transition to the board upon the new appointment, relinquishing their executive roles, while Long will remain in post as CEO of Orangetheory
The seven strong board will include the three founders and representatives of their shared finance house
The name of the new business has not yet been revealed
This story was updated at 14.00GMT on 14 March 2024 and 16.00 GMT on 15 March 2024

Self Esteem Brands (SEB) and Orangetheory, which announced a ‘merger of equals’ on 29 February, have told HCM they've begun the search for a new CEO of the combined business – the name of which has yet to be revealed.

HCM understands that upon their appointment, the founders of SEB – Chuck Runyon and Dave Mortensen – will stand down from their executive positions and take up places on a seven-strong board of directors to work together to drive the growth of the new business.

A spokesperson for Orangetheory today (14 March 2024) told HCM the organisation structure of the new company is still being worked out and that Dave Long will serve in a dual role, continuing as CEO of Orangetheory, while also sitting on the board of the new company. It's not yet clear how Long will function in relation to the CEO of the new business.

This is a change from our original reporting on this story, which said that Long would also relinquish his executive role upon the appointment of the CEO of the newco. We now understand that this is not the case.

It has been confirmed that the seven-strong board of the new company will be composed of:

Chuck Runyon, co-founder and current CEO of Self Esteem Brands
Dave Mortensen, co-founder and current president of Self Esteem Brands
Dave Long, co-founder and CEO of Orangetheory Fitness
David Hardy, Orangetheory Fitness partner and president, Franvest Capital Partners
Kevin Hoffman, managing director, Roark Capital
Erik Morris, chief investment officer, Roark Capital

This is a change from our original reporting which said that the new CEO would sit on the board.

The various parts of the business will continue to function as normal while the merger takes place.

Speaking exclusively in the current edition of HCM, Long said Orangetheory can see demand for up to 10k locations globally for its concept, echoing the position of Dave Mortensen, who told HCM SEB had the same goal (10k locations) in an exclusive interview in 2023.

Although the merger is likely to have counted towards SEB’s target, it still seems the new company will have ambitious growth targets far in excess of 10k locations, with the potential of an IPO at some point in time, although there has been no mention of this yet from either business.

To read HCM’s interview with Dave Long, click here to sign up for a free digital subscription or visit HCMmag.com/archive.

RELATED STORIES
FEATURE: Interview: Dave Long


As franchise business Orangetheory Fitness merges with Self Esteem Brands, its CEO tells Kate Cracknell about plans to expand to 10,000 units globally
Orangetheory and Self Esteem Brands are to merge to form a $3.5 billion business


Orangetheory and Self Esteem Brands have revealed plans to merge 'as equals' creating a new company with around US$3.5 billion a year in sales and 7,000 franchises in 50 countries.
Self Esteem Brands reports results, does deal with Apple Fitness and reveals plans to crank up international expansion


Self Esteem Brands (SEB), owner of Anytime Fitness, has released year-end results which show year-on-year revenues up by 12.3 per cent and the launch of 500 new franchise units globally.
Chuck Runyon refutes rumours Anytime Fitness is for sale


Chuck Runyon, CEO of Self Esteem Brands (SEB), has told HCM that rumours the company is considering selling its Anytime Fitness brand are “categorically untrue”.
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JD Gyms acquires Simply Gym as it targets 100 locations
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Baz Moffat gets 'sweat equity' backing from Priya Oberoi to drive the growth of The Well HQ
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Peloton buys time for a turnaround with US$1 billion loan
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Dean Kowarski, global CEO of Virgin Active, will keynote at HCM Summit 2024
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Empower your team, transform your service – elevate with coaching workshops
In today's competitive fitness landscape, the key to success lies not only in providing exceptional facilities but also in cultivating meaningful interactions with members. [more...]
+ More featured suppliers  
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Physical is the UK’s go-to, one-stop shop for commercial grade fitness equipment and flooring, with [more...]
+ More profiles  
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+ More catalogues  

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+ More directory  
DIARY

 

30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
30 May - 02 Jun 2024

Rimini Wellness

Rimini Exhibition Center, Rimini, Italy
+ More diary  
 


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©Cybertrek 2024

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