Life Fitness announced that its parent company, Brunswick Corporation (NYSE: BC), has signed an agreement to acquire Germany’s Indoor Cycling Group (ICG), a leading provider of indoor cycling equipment. Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory review and approval by the German competition authority. The approval is anticipated during the third quarter.
Upon completion of the transaction, ICG will become the latest acquisition to join the company’s leading health, fitness and well-being brand portfolio. The addition of ICG will further diversify the Life Fitness product offering, and further augment the company’s diverse group exercise category.
“With ICG’s innovative technology, expertise in cycling and talented team, we will be well-positioned to advance in the indoor cycling and group exercise categories,” said Life Fitness President Chris Clawson. “As the supplier of Life Fitness’ existing group cycling bike, we have had a strong relationship with ICG for the past five years. Through this relationship we know that ICG’s culture of innovation and customer-focused approach are a great fit for our team. We look forward to having the ICG group join the Life Fitness family.”
Founded in 1995, ICG is headquartered in Nuremberg, Germany, and is the leading supplier of indoor cycling bikes through both direct and distributor channels. With a full line of bikes known for their aesthetics, design and integrated technologies, ICG is singularly focused on the indoor cycling business, making its products, technology and on-staff experts unmatched in the industry.
“We’re thrilled to join the Life Fitness family and lead the effort to grow the business’ cycling and group exercise offering,” said Bernd Puerschel, ICG’s founder and CEO. Puerschel will remain in his position after the acquisition is completed and report to Clawson. “The Life Fitness family will be a great, natural fit for our team and we’re eager to keep our efforts focused on further evolving our products and technologies which, when grouped with Life Fitness’ existing products, will create an unparalleled group exercise portfolio.”
The ICG product line will benefit from Life Fitness’ expansive global distribution network, serving over 120 countries. “ICG is highly regarded in our industry,” said Clawson. “We’re eager to join it with our existing group exercise products such as Life Fitness SYNRGY360, Row GX Trainer and the Hammer Strength rigs and racks to provide a robust product portfolio for our global customers.”
This press release was submitted by Life Fitness.
