Wattbike sold to NASDAQ-listed fitness equipment specialist
Nottingham-based indoor performance fitness bike company Wattbike has been sold to NASDAQ-listed-Interactive Strength, maker of innovative specialty fitness equipment under the CLMBR and FORME brands.
The deal will form a fitness-equipment portfolio with key operations in each of the world’s three largest fitness markets – the US, Germany and the UK.
Stephen Loftus, CEO of Wattbike, said: “Joining forces with Interactive Strength is an exciting step for Wattbike. This deal gives our latest product launches and renewed growth a larger, scaled platform for marketing and distribution that will dramatically and cost-effectively accelerate our expansion across key international markets, while staying true to our commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike. It’s also exciting to become a key part, and driver, of a high-momentum business like TRNR, that’s natively aligned with our own growth and expansion goals, the importance of quality offerings, and focused specifically on the fitness, health and wellness markets.”
“We are very energised to welcome Wattbike, its dedicated team and its many customers to the TRNR portfolio,” said TRNR founder and CEO Trent Ward.
He added: “The brand, products and training content are incredible assets. Their indoor cycling training platform is arguably the best in the world of its kind for performance training, testing/benchmarking, rehab, injury prevention and low-impact conditioning.”
“What Stephen and the team have been able to accomplish since the challenges of the pandemic is fantastic,” said Dan Stern, partner at Piper PE, Wattbike’s majority shareholder. “They deepened the original reputation of and trust in their equipment, training and brand among elite athletes. But they also recognised and acted on the opportunity to broaden Wattbike’s portfolio and appeal by building out a much more diverse portfolio of equal-quality equipment and training programs for the larger, mainstream health and wellness market. The business is now well-positioned to accelerate and capture share across the top three fitness markets globally under Interactive Strength’s ownership, as well as to push further into Asia where it has also been a big success to date. We wish Stephen and the team every success in this next phase.”
The deal is expected to close in the second quarter of this year.
