Brunswick Corp., the parent company of Life Fitness, has acquired Cybex International Inc. for US$195 million (subject to a working capital adjustment), Brunswick announced this Wednesday.
Cybex will join Brunswick’s Life Fitness Division’s portfolio of brands which include Hammer Strength and SCIFIT.
Founded in 1970, Cybex offers a full line of cardiovascular and strength products largely serving the commercial fitness market. Its cardio portfolio includes treadmills and exercise bikes, plus the Cybex Arc Trainer, a cross-trainer. Cybex’s strength category includes selectorised, plate-loaded, functional and free weight equipment. Cybex’s 2015 sales were estimated at about $169 million.
Cybex was owned by UM Holdings. John Aglialoro and Joan Carter, who are married, are chairman/CEO and president, respectively of UM Holdings. Both also serve on Cybex’s board – Aglialoro as chairman and Carter as vice chairman and secretary. Other board members for Cybex include Art Hicks Jr., president and CEO of Cybex; Art Curtis, president of Curtis Club Advisors LLC; and John McCarthy, former executive director of IHRSA.
The announcement by Brunswick did not share details about whether Cybex management would remain with the company.
“With the addition of Cybex, we will expand our stable of brands serving the complete spectrum of the commercial fitness market, including health clubs, hospitality, education and military, as well as consumers, with a wide array of equipment and features that include a complete suite of services and support,” explained Brunswick President and Chief Operating Officer Mark Schwabero.
“We believe the combination of these premium brands and industry leaders will be well positioned to serve the global fitness market.”
Brunswick, which is a public company that trades on the New York Stock Exchange, was active with acquisitions, reorganisation and expansion in 2015 in moves the company had hinted at in a January 2015 financial call with investment analysts. Brunswick CEO Dustan McCoy noted in that call that the company planned to grow its fitness segment by expanding into new product categories and growing distribution in customer segments and regions that it serves throughout the world.
Like Cybex, Life Fitness has a long history in the fitness industry. Founded in , Life Fitness is a pioneer in the industry, and places a premium on product innovation, customer partnership and exceptional service.