The acquisition of Fitness Products International (FPI) adds new momentum to Precor's vision of global leadership in club and consumer fitness equipment markets, according to Precor president Paul J. Byrne.
FPI serves the commercial fitness market with a range of strength products marketed primarily under the Icarian(R) brand.
“Precor is bullish on the fitness industry, and we see great opportunity in adding FPI to the Precor team,” said Byrne, an eighteen-year Precor veteran. “This adds to Precor's momentum, and is a major step in building a full-line offering suited for a consolidating market.”
“What we have is a perfect strategic fit of complementary companies, adding great people and an outstanding strength line to Precor leadership in cardio products, and established international distribution. Together, we're a single source for products and services, to better meet market needs. It's a win-win,” Byrne added.
FPI's offerings include single- and multi-station selectorized equipment, functional training/free motion models and two types of plate equipment. Also featuring bar, bench, ab and stretching choices, FPI offers a broad range of equipment that delivers a smooth, ergonomically sound exercise experience. In addition to the Icarian
brand, other FPI product lines are marketed under Abench, Flite(R), Stretch Center(TM) and Jade(R) brands.
Byrne added that with minimal redundancy of products, staff or facilities, he expects a smooth integration, and no major changes at either company as a result of the acquisition.
Byrne said FPI and Precor are integrating FPI operations into Precor business systems and processes, and that a Precor-FPI team is identifying ways Precor can add value to FPI operations within its Southern California production facility.
“FPI has great people in manufacturing and great products. Particularly in the last five years, Precor has made leading-edge advances in lean operations and manufacturing practices. We see great opportunity to apply some of these learnings to FPI's production,” said Byrne.
FPI President and CEO Rick Wallace said the acquisition provides FPI with greater stability, opportunity and growth. Wallace will remain as the strength group's general manager.
“We're a great company that's been building high-quality strength equipment, and like Precor, we face a challenge in industry consolidation and increased demand for 'package' deals,” said Wallace. “Right away, we'll begin addressing those challenges. Beyond that, we'll benefit from representation by Precor's large distribution
network. We see tremendous opportunities for our company,” said Wallace.
Prior to the acquisition, FPI was a privately held company with executive offices and manufacturing facilities in Sun Valley, just north of Los Angeles.
Price of the transaction was $11.8 million USD. Further details and terms are confidential.
