The U.S. Bankruptcy Court for the District of New Jersey entered an order approving the sale of the acquired BowFlex, Inc. assets under the terms of the previously announced Stalking Horse Asset Purchase Agreement between Bowflex and Johnson Health Tech Retail, Inc.

Under the terms of the Purchase Agreement, Johnson Health Tech agreed to acquire substantially all of the company’s assets for $37.5 million in cash, less certain adjustments.

“We are pleased that the Court has approved this transaction with Johnson Health Tech,” said CEO Jim Barr, BowFlex, Inc. “Johnson Health Tech is among the world’s largest and fastest-growing fitness equipment manufacturers and home to some of the most respected brands in the fitness industry, making them the right organization to lead BowFlex into its next chapter.”

The transaction remains subject to customary closing conditions and is expected to close on or around April 22, 2024.

Sidley Austin LLP and Holland & Hart LLP are legal advisors to BowFlex. FTI Consulting, Inc. and FTI Capital Advisors, LLC were retained as financial advisors and investment bankers to BowFlex to manage the sale process.

Image courtesy Bowflex