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Life Fitness to be acquired by major private equity firm
Leading global fitness equipment supplier Life Fitness USA has announced today that its parent company, Brunswick Corporation, has entered into a definitive agreement with private equity firm KPS Capital Partners (KPS) under which KPS will acquire Brunswick’s Fitness business and related brands, including Life Fitness.
Commenting on the impending change of ownership, Life Fitness President, Jason Worthy stated “we look forward to our future with KPS and are excited about this incredible opportunity to collaborate with a firm with a tremendous track-record of working with similar companies.
“KPS recognises our world-class brand positioning, the value of our customer relationships, our iconic standing within the fitness industry, and our long-term earning potential. We will work closely with KPS to develop and execute a focused strategic plan centered around our mission to inspire healthier lives. We will build upon our long and successful history of product development and technology leadership, with the goal of providing the highest-quality solutions and services for a broad range of fitness facilities and fitness consumers.”
KPS Partner Jay Bernstein added “we are very excited to invest in Life Fitness, the leading global brand in fitness equipment. Life Fitness has the largest global installed base of equipment, with approximately two million pieces of cardiovascular and strength equipment used regularly by over 60 million people worldwide.
“We look forward to working with President Jason Worthy, his management team, and Life Fitness employees globally to build on this great platform and the company’s strong design, innovation and product development heritage. KPS’ track record of leveraging its capital, global platform, and commitment to investing in technology, innovation, growth and customer service presents a tremendous opportunity for Life Fitness. We are exceedingly confident that Life Fitness will thrive as an independent company.”
Under the agreement, which was approved by Brunswick’s Board of Directors, KPS will pay approximately US$490 million in cash to acquire the Fitness business and its brands. The transaction is expected to close during the second quarter of 2019, following receipt of regulatory approvals.
Life Fitness manufactures and sells its strength and cardiovascular equipment, billiards tables and accessories, and game room furniture under the brand names Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT and Brunswick Billiards.
Headquartered outside in Rosemont, Illinois, USA, its equipment is distributed to 166 countries.
Life Fitness Australia is the exclusive Australian distributor of brands including Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group and SCIFIT.
Click here to contact Life Fitness Australia via their entry in the Australasian Leisure Management Supplier Directory.
6th August 2018 - Life Fitness Australia unveils new Arc Trainer
16th March 2018 - Life Fitness and Pure Fitness introduce Apple GymKit in Hong Kong
1st September 2017 - Life Fitness Australia marks 20 years of success and sustainability
5th July 2017 - Hammer Strength expands HD Athletic Line
10th June 2017 - Life Fitness to offer technology pairing with Apple Watch
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