In an SEC filing, Icon Health & Fitness disclosed that three company directors, Gary E. Stevenson, Scott R. Watterson, and Robert C. Gay, effectively bought-out several of Icon's equity investors, including Bain Capital and Inverness/Phoenix Partners. Each of the Sellers sold certain of their equity in Icon's indirect parent, HF Investment Holdings, LLC, at a price of $50 per unit, or an $8.5 million total purchase price.
As a result, the Bain Entities indirect interest in the Company will be reduced from beneficial ownership of 2,580,000 shares to beneficial ownership of 1,032 shares and the Inverness Entities indirect interest in the Company will be reduced from beneficial ownership of 344,000 shares to beneficial ownership of 172 shares.
Icon's purchasing directors' indirect interest in the Company will collectivly increase from 3,873,000 shares on a fully diluted basis to beneficial ownership of 6,795,796 shares on a fully diluted basis.
