ICG, the manufacture of the IC7 Indoor Cycle, Myride+ video system and privately labeled Indoor Cycles, has announced the sale of their company to Life Fitness's parent company Brunswick Corp.
Life Fitness, the global leader in commercial fitness equipment, today 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," Clawson added.
I've requested additional information and it will be interesting to see what happens to ICG's distribution agreement with Matrix.
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