Identify this theme and effect?

Classic Themes
1

I like this site’s theme—Does anyone recognize it as an existing RW theme, or know of a theme similar that I could tweak to look like it?

https://uk.slow-watches.com

I’d also like to re-create the effect on that homepage, where text appears on each slide (in sequence), with an opaque background behind the text to make it stand out.

2

take a look at weaverthemes.com
http://preview.weaverthemes.com/show/built-in-tools/gridly-stack/
as far as the text with the backgrounds probably some css can help achieve that look