Keys Fitness Products has finalized an agreement with ICON Health & Fitness to acquire that company’s Image Spa division, the nation’s 3rd largest manufacturer of self-contained home spas and related accessories. The agreement increases the gross annual sales of Keys Fitness to more than $100 million.
Effective immediately, the spa company’s entire product line will be incorporated into the Keys Fitness family as part of a new leisure products division known as Keys Backyard. Production will remain concentrated at Image Spa’s facility located in Mesquite, Texas.
Acquisition of Image Spa will allow Keys Fitness to further expand its product line and reach an entirely new market not previously targeted by the company. It will also uniquely position Keys Fitness as a leader in the $2-billion a year home spa industry while simultaneously reinforcing its position as a turnkey resource for home fitness and leisure products. A leading supplier of spas and spa accessories, Image Spa sales have doubled in volume every year since 2002; to help maintain this momentum, the spa manufacturer’s sales, marketing and customer service teams will join Keys Fitness to provide leadership for the new Keys Backyard division.
Mike Dolder, previously Vice-President of Sales for Image Spa, will head Keys Backyard. The owner of Keys Fitness, Tim Chen, will serve as CEO of both divisions.
