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Nasdaq-listed Interactive Strength has bought Nottingham-based indoor performance fitness bike company Wattbike.
Interactive Strength makes innovative speciality fitness equipment under the CLMBR and FORME brands.
Wattbike is an indoor-bike brand for elite-athlete training and is used by Olympians and Professional Sports Teams Worldwide – Including the NFL, NBA, MLB, NHL and the Premier League. It is a $15 million plus revenue business founded in 2008 to support Team GB, the UK’s Olympic team.
The deal will form a fitness-equipment portfolio with key operations in each of the world’s three largest fitness markets – the US, Germany and the UK. Interactive expects the deal to help it generate more than $65 million in revenue this year.
Stephen Loftus, CEO of Wattbike, said: “Joining forces with Interactive Strength is an exciting step for Wattbike. This deal gives our latest product launches and renewed growth a larger, scaled platform for marketing and distribution that will dramatically and cost-effectively accelerate our expansion across key international markets.”
Interactive founder and CEO Trent Ward said: “The brand, products and training content are incredible assets. Their indoor cycling training platform is arguably the best in the world of its kind for performance training, testing/benchmarking, rehab, injury prevention and low-impact conditioning.”
“What Stephen and the team have been able to accomplish since the challenges of the pandemic is fantastic,” said Dan Stern, partner at Piper PE, Wattbike’s majority shareholder. “They deepened the original reputation of and trust in their equipment, training and brand among elite athletes. But they also recognised and acted on the opportunity to broaden Wattbike’s portfolio and appeal by building out a much more diverse portfolio of equal-quality equipment and training programs for the larger, mainstream health and wellness market. The business is now well-positioned to accelerate and capture share across the top three fitness markets globally under Interactive Strength’s ownership, as well as to push further into Asia where it has also been a big success to date.”
The deal is expected to close in the second quarter of this year.
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