The PE Playbook

• •Roark Capital invested in 2014, then merged parent with Orangetheory in 2024 into 'Purpose Brands' — a 7,000-location PE mega-entity
• •Franchisees report being forced into $60,000 mandatory 'reinvention' upgrades while struggling financially
• •Multiple locations closed overnight without warning — every Anytime Fitness in Lincoln, NE shut abruptly, leaving members locked out
• •Franchise failure rate around 10%, with complaints of dirty facilities, broken equipment, and aggressive billing