Cybex International’s announcement last month that its board of directors had approved a plan to take the company private may not have come as a surprise.

For much of 2011 and part of 2012, the Medway, MA-based company had difficulty complying with NASDAQ’s requirements to remain listed, which included having a minimum stockholders’ equity of $10 million, a minimum bid price for its common stock of $1 per share and a minimum market value of publicly held shares of $5 million. The company’s stock rose above $1 on Feb. 6, remaining there for the rest of the year, but getting no higher than $2.97 per share.

In addition, Cybex was found 75 percent liable in a $66 million product liability lawsuit at the end of 2010 and then spent much of 2011—and considerable dollars—appealing that verdict, finally settling it for $19.5 million in February.

Even without these issues, some market analysts have noted in the past that Cybex is small for a public company. Its 2011 sales were $140.1 million. By comparison, Life Fitness, Schiller Park, IL, had 2011 revenue of $635.2 million, just part of the revenue for its public parent company Brunswick Corp., Lake Forest, IL.

“There was little benefit to being public,” says Arthur Hicks, Cybex International’s president, chief operating officer and chief financial officer. “[It’s] different than 30 or so years ago when Cybex became public. There are more ways to access capital now. There are much higher levels of regulation and costs of being public. From the cost/benefit standpoint, it doesn’t really make sense. And from the shareholder standpoint, there is less liquidity in the stock, so it’s difficult to attract mutual funds or institutional investors or research groups. It makes sense all around.”