Core Health & Fitness LLC (“Core”), a portfolio company of US-based private equity firm Gainline Capital Partners LP (“Gainline”), announced today that it has acquired Wexer Holding LLC (“Wexer”), a leader in digital health and fitness offerings. Financial terms of the transaction are private.
The deal will provide Wexer with the funding to scale its business – including through significant acquisitions to consolidate the digital fitness sector – and drive digital adoption across the global health club sector.
Jason Leone, President of Core, said: “Coming out of Covid, commercial customers across gym and vertical market categories are placing an increased emphasis on connected fitness. 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.”
Paul Bowman, Wexer CEO, said: “This is a momentous step for Wexer, simultaneously granting us the support, investment and distribution we need to dramatically scale our business and accelerate towards our mission of hybridising the fitness industry.
“The opportunity to work closely with Core Health & Fitness, collaborating across its portfolio of globally recognised brands to build an even more diverse digital ecosystem, is another huge benefit of this acquisition. We are delighted with our new ownership and excited by its implications not only for Wexer, but for the sector as a whole.”
Rick Sullivan, Partner at Gainline, added: “As a leading B2B supplier for the global health and fitness market, we see Wexer as 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. 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.
About Core Health & Fitness
Core Health & Fitness is a vertically integrated global manufacturer of fitness equipment with a strong market presence across cardio, strength, group cycling and high-intensity interval training (HIIT) equipment. Core’s innovative, high-quality products are sold under the iconic brands of StairMaster, Schwinn, Nautilus, Star Trac and Throwdown. Core sells its products into more than 100 countries worldwide.
As a digital fitness market leader, our mission at Wexer is to bring world-class digital fitness to your community. In the fitness sector, we partner with our clients to ensure health clubs remain at the heart of the member experience. Our technology creates a bridge between the digital and physical worlds, enhancing in-club products and experiences; broadening the audience for clubs’ expertise, talent and programming via new ‘always-on’ channels; and enabling every user touchpoint to be shaped by data and personalized insight.
About Gainline Capital Partners
Gainline Capital Partners is a private equity firm that invests in US-based middle market companies. The firm invests in profitable companies with enterprise values of up to US$250m. Gainline partners with management teams to help execute their vision, drive sustainable growth and create long-term value.