Hoist Fitness Systems, San Diego, is close to acquiring LeMond Fitness, Woodinville, WA, according to a report.
SNEWS reported on its website today that Hoist CEO Jeffrey Partrick confirmed that his company is the buyer, and that Hoist hopes to close the deal this week. Partrick added that Hoist, which produces strength training products for commercial and home markets, had been discussing the idea of developing cardio equipment, and that Hoist has long admired LeMond’s exercise bike products.
“It’s really a good thing for us,” Partrick told SNEWS. “We just think it’s a good fit—premium cardio products and premium strength products.”
Partrick was interviewed this week at the Health and Fitness Business Expo in Las Vegas, where the LeMond Fitness booth was empty and LeMond bikes were in the Hoist booth. A member of the Club Industry staff approached Partrick at the show on Wednesday about the potential deal, but Partrick declined to speak on the record.
Earlier this month, Club Industry reported that LeMond Fitness was in discussions to sell the company. Marty Smith, the interim CEO of LeMond Fitness, said he could neither confirm nor deny information about a possible sale.
Hoist had worked with LeMond Fitness when LeMond was a vendor in the Southern California Busy Body Home Fitness stores. Partrick led an investment group that purchased Busy Body out of bankruptcy in 2009.
Partrick added that upon finalization of the deal, the LeMond Fitness headquarters would move to Hoist’s headquarters in San Diego.
LeMond Fitness was established in 2002 by Greg LeMond, the three-time winner of the Tour de France and a two-time world champion bicyclist.