In an SEC filing, Icon Health & Fitness disclosed that three of its 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, Bains indirect interest in the company will be reduced from 2,580,000 shares to 1,032 shares, while Inverness will be reduced from 344,000 shares to 172 shares. The directors collective share will increase to 6,795,796 shares.
