The Nautilus plant in Grayson County, CO, has been sold to Med-Fit Systems.
As reported, Xiamen World Gear Sports Goods Co., Ltd. in January acquired certain assets of the StairMaster and Schwinn commercial
product lines, including the licensing of indoor cycling products of
the Schwinn brand for use in the commercial channel, which primarily
consists of health clubs.
“We are extremely pleased to have reached agreements to acquire the Nautilus commercial products manufacturing and intellectual property,” says Sbragia. “We have plans to aggressively expand upon this iconic brand, enhance the facilities in Virginia and provide our customers with exemplary educational and customer service support.”
For over 30 years, the Nautilus business in Independence, VA has had a strong history of manufacturing high quality and innovative strength equipment for commercial fitness facilities, according to Med-Fit.
“Nautilus has experienced international manufacturing success in Grayson County for more than three decades,” said Virginia Governor Bob McDonnell. “We are pleased to know that success will continue under the Med-Fit Systems name. This acquisition represents a huge victory for the community. Jobs will be retained and the potential for new job growth is promising for a region hard hit with a 12 percent unemployment rate. This was a challenging deal to secure. I commend and congratulate Grayson County for their hard work, and I thank Med-Fit Systems for this tremendous opportunity.”
“When Nautilus was put up for sale, we were very interested in the company, states Sbragia. However, whether we would be able to move forward in acquiring it was questionable until the Grayson County Board and many others stepped in to help.”
The leadership of Grayson County committed itself to assisting the retention of the Nautilus operations by supporting a low-interest loan in the amount of $1.9 million through the Virginia Small Business Financing Authority for the purchase of the main manufacturing campus. It secured $250,000 in TROF grants from the Virginia Tobacco Indemnification Commission and provided various forms of technical and professional support.
“The County has been persistent in its efforts to insure that quality jobs and investment stay in our community. This is a premiere example of the Countyâ€s capabilities to pull resources and pragmatically apply them to fit the needs of our existing industry,” states Larry K. Bartlett, Chairman of the Grayson County Board of Supervisors.
Med-Fit Systems, Inc. is a twenty-three year old physical therapy and senior care products provider. They have over 1,000 Nautilus installations in the rehab, senior and athletic training markets.
