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Woodbury-based Self Esteem Brands, which owns national 24-hour gym chain Anytime Fitness, announced this week it will merge with Orangetheory Fitness to create a combined company with about 7,000 locations and $3.5 billion in annual revenue.

The combined company will ultimately have a new name. A search is underway for a CEO to lead the new operation. The initial plan is for the merged company to have two headquarters locations, one in Minnesota and one in Florida. Anytime Fitness and Orangetheory will remain separate brands.

Self Esteem also owns Waxing the City, Basecamp Fitness and the Bar Method and is the larger of the two companies in terms of locations. Orangetheory, which focuses on group workout classes, is based in Florida.

The announcement makes no mention of any possible changes that the deal could mean for members.

Self Esteem already has international reach as "the world's largest portfolio of purpose-driven health and personal care franchise brands."

Last year Anytime Fitness added 500 locations worldwide, grew revenue 12% and started offering members free Apple Fitness+ subscriptions, the company reported.

"From our simple beginnings in 2002 with the first Anytime Fitness club, we've enjoyed rapid growth worldwide thanks to both the power of small-business franchising and our mix of brands that meet ever-increasing demand for more holistic and personalized health and wellness services," Chuck Runyon, co-founder of Anytime Fitness and CEO of Self Esteem Brands, said in a statement.

A spokeswoman for Self Esteem Brands declined further comment and said the company is now in a "quiet period."

Orangetheory has grown rapidly since it was founded in 2010 and has 1,500 locations.

Atlanta-based private-equity firm Roark Capital invested in Self Esteem Brands in 2014 and in Orangetheory in 2016.

"We're excited to continue to partner with the teams to create a leading global franchise platform in the health and wellness sector," Erik Morris, chief investment officer of Roark Capital, said in a news release.

Health and wellness is one of the industries that Roark focuses on. The firm acquired Massage Envy in 2012, and in 2019 Roark acquired a majority stake in Fitness Connection, which then had 41 locations in Texas, North Carolina and Nevada.