AmyntaGroup, an insurance services provider, has acquired the extended warranty operations of iFIT Health & Fitness, Inc., operated through its wholly-owned subsidiary, Universal Technical Services (UTS).
iFIT is the parent of NordicTrack, ProForm, Weider, and FreeMotion. UTS is the distributor and administrator of branded extended warranty and maintenance plans for iFIT fitness equipment brands in the U.S. and international markets.
As part of the transaction, Amynta has entered into a long-term strategic partnership with iFIT to deliver a full-service platform of extended warranty protection and maintenance plans for all iFIT fitness equipment.
UTS is based in Logan, UT, and will operate under the continued leadership of Nick Palmer, vice president and Greg Lindsay, director, both of UTS.
“I am excited to welcome Nick, Greg and the UTS team to Amynta,” said Tim Mrotek, president, global consumer warranty, Amynta. “This transaction expands our presence into the fitness space through a well-established operating platform serving iconic fitness brands. UTS brings expertise and scale to the fitness category, complementing our offerings and aligning with our strategy of building and growing our position in attractive consumer end markets.”
“I’m thrilled to announce the sale of our extended warranty operations and our strategic partnership with Amynta,” said Dale Gerard, CFO, iFIT. “Amynta brings best-in-class warranty solutions that will enhance the iFIT member experience throughout our line of fitness products. This partnership will allow iFIT to focus on developing our best-in-class fitness technology, member content and products while strengthening our extended warranty solutions for NordicTrack, ProForm, FreeMotion, and iFIT members worldwide. We look forward to working with Amynta to support our members for years to come.”
Truist Securities, Inc. served as a financial advisor, and Kirkland & Ellis LLP acted as legal counsel to iFIT.