Maverick Fitness Holdings, LLC (“Maverick” or the “Company”) is a 27-studio portfolio of Orangetheory Fitness (“OTF”) franchise locations in the Dallas-Fort Worth region. The Company’s ~13,000 members provide a high-visibility stream of recurring revenues and perform an average of over 3,200 daily workouts in Maverick’s studios.
Maverick was formed in late 2019 when four different OTF owner groups, backed by private equity, merged to create a single franchisee with 35 studios and more than 20,000 members in the Dallas-Fort Worth market. Shortly after the formation of Maverick, the COVID-19 pandemic struck, forcing mandatory shut-downs across the country and leading to a drastic reduction in membership. By 2022, the Company was able to return to ~75% of peak membership levels, but significant leverage caused the Company’s debt service obligations to become overly burdensome. In 2024, Maverick began executing a strategic restructuring plan, implementing several operational improvements and closing unprofitable studios.
Subsequent to the strategic restructuring, SC&H Capital was retained to find a qualified buyer to take over the Dallas-Fort Worth OTF market. SC&H conducted a comprehensive marketing process, receiving interest from existing OTF franchisees as well as other strategic, private equity, and family office buyers. After months of diligence with multiple parties, including in-depth discussions with management and multiple site visits, Maverick was ultimately sold to a highly motivated family office buyer.
