The Forzani Group Ltd. has acquired The Fitness Source Inc. Operating nine retail locations, with annual sales of $20 million, in Ontario, The Fitness Source provides the best in home fitness products as well as commercial exercise equipment and accessories. The acquisition was financed through existing credit facilities and will be immediately accretive. Terms of the deal were kept confidential at the request of the vendor.
“We are excited about the acquisition of The Fitness Source, a retailer with
over 15 years' experience in the fitness industry,” said Bob Sartor, Chief
Executive Officer. “In addition to the well-established Fitness Source name,
the acquisition provides FGL with improved access to top equipment and
accessory manufacturers in the industry. We now have an excellent vehicle with
which to expand our share of the Canadian fitness business, and can leverage it
through both our existing franchise business infrastructure and our corporate
retail store banners.”
