Brunswick Corporation announced that it has completed the previously announced sale of its Fitness business to KPS Capital Partners, LP, a private investment firm, in an all-cash transaction for approximately $490 million.
“With the sale of the Fitness business, Brunswick’s focus is now solely on its unique and formidable marine platform,” Brunswick Chief Executive Officer David M. Foulkes said. “Our impressive stable of recognized and respected brands across marine engines, parts and accessories, boats and marine services is uniquely positioned in growing and emerging market segments. Brunswick is well positioned as the leader in the marine industry, and we are excited about our clarity of purpose and the bright future ahead of us. The closing of this transaction also enables us to advance our previously discussed capital strategy objectives, including re-engaging in share repurchases upon the opening of the trading window subsequent to our second quarter earnings announcement.”
Brunswick had more than $4 billion annual revenue from its marine products and services in 2018.
Citi served as the exclusive financial advisor and Cravath, Swaine & Moore LLP served as legal counsel to Brunswick on the transaction.
