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're 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.”

Athleta Makes East Coast Debut with First New York Stores | Business Wire

SAN FRANCISCO--(BUSINESS WIRE)--Gap Inc. (NYSE:GPS) today announced the grand opening of two Athleta retail locations opening this week in Manhattan’s Upper East and Upper West side neighborhoods. These openings mark the brand’s entry into the east coast market, and support Athleta’s plan to open up to 50 stores by 2013.

“Entering New York is a significant milestone for us as we aim to grow our share of the $31 billion women’s active wear market,” said Scott Key, senior vice president and general manager of Athleta. “Thanks to our successful catalog business, we already know there’s a highly concentrated customer base in the New York metropolitan area and we’re excited to bring our loyal and new customers two beautiful stores where they can build strong, inspiring communities around the athletic pursuits they love.”

The new stores will offer shoppers Athleta’s collection of women’s active lifestyle apparel for yoga, running, swim, gym, hiking and skiing – designed by and for female athletes – as well as other products for both athletic and everyday pursuits.

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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. Technology and aims to elevate participants’. Heart rates

to help burn more calories. Orangetheory workouts incorporate endurance,

strength. 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're 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 weren't 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're focused on select consumer verticals including beauty,

food and beverage, multi-unit services. 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. 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.

Castanea
Marion Schouten, 617-630-2420
[email protected]