Core Health & Fitness LLC, Vancouver, Washington, has acquired Wexer Holding LLC, which creates digital health and fitness offerings. The companies did not release financial terms of the transaction, noting they were private.
Core is a portfolio company of U.S.-based private equity firm Gainline Capital Partners LP and manufactures brands StairMaster, Schwinn, Nautilus, Star Trac and Throwdown.
The deal will provide Wexer with the funding to scale its business – including through acquisitions to consolidate the digital fitness sector – and drive digital adoption across the global health club sector, according to the announcement.
“Coming out of Covid, commercial customers across gym and vertical market categories are placing an increased emphasis on connected fitness,” Core President Jason Leone said in the media release. “Though many consumers are returning to in-person workouts, they expect to continue to complement these with connected fitness workouts, highlighting the importance of delivering an omnichannel experience.”
Wexer CEO Paul Bowman called the acquisition a “momentous step for Wexer.” It simultaneously grants Wexer the support, investment and distribution it needs to scale its business and accelerate toward its mission of hybridizing the fitness industry, he said.
“The opportunity to work closely with Core Health & Fitness, collaborating across its portfolio of globally recognized brands to build an even more diverse digital ecosystem, is another huge benefit of this acquisition,” Bowman said. “We are delight with our new ownership and excite by its implications not only for Wexer, but for the sector as a whole.”
Rick Sullivan, partner at Gainline, called Wexer a natural extension of Core’s business model.
The collaboration will begin with a global roadshow designed to educate and inspire the fitness sector around the need to embrace omnichannel fitness, according to the announcement. Exploring the powerful impact that a digital offering has on health club membership sales, up-sales and member retention, the roadshow will support operators with insights not only into why but also how to make the business-critical shift to a sustainable hybrid model.