Brunswick Corp has acquired the Indoor Cycling Group (ICG) based in Nuremberg, Germany. Terms were not disclosed.
The company said in a statement that ICG’s 2015 revenues were €37m (US$41m). The company expects the acquisition to close, pending German government approval, in late third quarter. ICG would become part of Life Fitness' global operations.
"Our vision is to build and augment our product and technology portfolio to establish a strong leadership position in the global group exercise market," said Mark Schwabero, Brunswick chairman, in the statement. "Group exercise is a growing sector of fitness and represents another important adjacency that we have targeted to expand our fitness business.”
Schwabero said that Brunswick’s goal of doubling the size of its Fitness operations by 2020 will be partly accomplished through acquisition of brands like Life Fitness, Hammer Strength, Cybex and SCIFIT. “Through the integration of additional leading brands – such as ICG's Tomahawk – into our product portfolio, we are building and strengthening our position in several market segments," Schwabero added.
Life Fitness president Chris Clawson said the ICG management team, staff and operations will remain largely intact, and under the direction of founder and current chief executive officer Bernd Puerschel, who will report to Clawson.