Brunswick sells fitness business for $490 million

Author:
Publish date:
BrunswickLifeFitness

Brunswick Corp said it has entered into a definitive agreement to sell its Fitness business to KPS Capital Partners, LP, a private investment firm, in an all-cash transaction for about $490 million. Brunswick said in a statement that, following the sale, it will “be comprised solely of its global marine portfolio.”

“With the sale of the fitness business, we sharpen our focus on Brunswick’s unique and formidable marine platform,” said David Foulkes, CEO, in the statement. “Brunswick has an impressive stable of recognized and respected brands and offers the right products and services uniquely concentrated in growing and emerging marine market segments. We are excited about the bright future ahead of us.”

Foulkes said the sale was designed to “best position the Fitness business for the future,” while maximizing shareholder value.

“As we considered avenues to separate our Fitness business, including a potential spin-off, we received strong buyer interest from a number of parties,” said Foulkes. “After thoughtful evaluation of a range of options and a robust auction process, we concluded this sale is the best outcome for Brunswick and our shareholders. We thank our Fitness employees for their many contributions to Brunswick and wish them well in the future.”

The Fitness business will be reported as a discontinued operation starting in the second quarter, matching the guidance already provided on a marine-only basis. 

Related

A Record Q2 for Brunswick

With strong global demand in all its business segments, Brunswick Corp. reported another stellar quarter, posting a 57 percent jump in net sales.

OneWater Adds PartsVu

The online marketplace for marine parts, accessories and electronics posted $25 million in sales over the last year.

Groupe Beneteau Updates Revenue Forecasts, More

The builder saw gains in its boat and luxury-home sectors and made several acquisitions, including a majority stake in Dream Yacht Group.

Golden Manufacturing Expands

The fabricator of aluminum boat lifts and aluminum and concrete floating docks adds 18,000 square feet to its Fort Myers, Fla., headquarters.

GetMyBoat Takes You to the Movies

The boat rental marketplace site teams with Disney’s Jungle Cruise for a contest to win a boat trip or movie tickets.

ConMar Adds to Sales Team

The manufacturers’ representatives add industry vet Brain Steele.

Will Canada Reopen to Boaters?

Set to open its borders to fully vaccinated U.S. residents next month, our neighbor to the north could be facing a strike by Canadian border guards and customs officials. Plus, the Great Lakes welcomes a newly designated marine sanctuary.