Austin, Texas, has received a $140 million investment round led by General Atlantic, a growth equity firm, the companies announced on Dec. 14. General Atlantic joins existing investor, private equity firm Level 5 Capital Partners, as investors in the wellness brand.
Level 5 invested $8 million in Restore in June 2020, at which time Restore had just opened its 50th location.
Restore now has 115 locations in 34 states and in cities such as New York City; Los Angeles; Little Rock, Arkansas; and Wichita, Kansas. The company will use the $140 million investment to open more than 100 stores in 2022 with the goal of being in 46 states by year-end.
Level 5’s Restore franchisee platform is slated to develop more than 50 stores, with 15 of those opening in 2022. Level 5 recently purchased 112 Orangetheory Fitness franchises and sub-franchises.
Restore offers what it calls “hyper wellness” services that include an array of health protocols and modalities to promote near and long-term health, such as 30- to 60-minute stretching sessions, IV drip therapy, cryotherapy, infrared sauna sessions, red light therapy and biomarker assessments.
Restore’s preventative solutions aim to keep people out of the doctor’s office so everyone can do more of what they love, regardless of whether they are managing chronic pain or training as an elite athlete, according to the company.
Restore launched a research and development division in March 2020 to focus on testing new science-backed therapies, as well as designing and developing its own innovations to modalities.
The company reported $32 million in 2020 revenue, an increase of 141 percent compared to 2019. It doubled its retail footprint in 2020 by opening 40 locations. In 2020, its same-store sales grew 33 percent while it sold 241 new franchise locations, a 289 percent growth over 2019.
“Restore has disrupted the wellness space and is poised to capture a substantial share of what has historically been a high-growth but undeveloped market,” Danny Kenny, a principal at Level 5, said in a media release. “As consumers take a more proactive approach to managing their health, Restore’s innovative model of integrating treatment and prevention stands to become the paragon of personalized health.”
Restore Co-Founder and CEO Jim Donnelly said: “We believe everyone should have access to proactive health modalities that help them feel their best so they can do more of what they love. We’re defining a new healthcare experience that we describe as effective, social and transparent. Our prevention-first model (vs. the traditional sick care model) is still new to many consumers and communities.”
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