PPI Acquisitions LLC, Northbrook, IL, and the joint administrators of Power Plate International Ltd., Irvine, CA, announced that they have agreed to terms for the sale and purchase of Power Plate International’s business and assets.
According to a press release sent to Club Industry, the sale process has entered into an exclusivity period while the contractual terms are completed. During that time, PPI Acquisitions will be operating the Power Plate business under license from the administrators.
Also, PPI Acquisitions has entered into an exclusive manufacturing agreement with the current manufacturer of Power Plate products. With the agreement in place, PPI Acquisitions will be the sole source for the complete line of Power Plate-branded products worldwide.
PPI Acquisitions, which is led by former Power Plate CEO Lee Hillman, placed an asset purchase agreement for Power Plate North America and made a stalking horse bid of $3 million. (The North American distribution operations of Power Plate was set up as a U.S. corporation.) At an auction held today in Chicago, PPI Acquisitions acquired the assets of Power Plate North America, the company confirmed to Club Industry. The price of the sale was not disclosed.