It was no secret in the industry that LeMond Fitness was up for sale, and on Tuesday at the Health & Fitness Business Expo in Las Vegas, Hoist CEO Jeffrey Partrick confirmed to SNEWS that his company is the buyer.
“We’re hoping to close this week,” Partrick told SNEWS. He said Hoist has been toying with the idea of developing cardio equipment for a while and the company jumped at the chance to purchase a cardio brand they’re familiar with.
Partrick declined to say how much Hoist was purchasing LeMond for, but he said Hoist as a company has always admired LeMond’s products and the acquisition seemed like a good fit.
“We’ve known their products for a long time,” Partrick explained, noting that Partrick has worked with LeMond through the Southern California Busy Body Home Fitness stores which an investment group he led he purchased the stores back in 2009 when Busy Body filed for bankruptcy. “LeMond was a [vendor to] those stores. It’s a great company with great products, it just needs a home.”
Hoist will be that new home. If and when the deal is closed, Partrick said, LeMond’s headquarters will move into Hoist’s plant in San Diego, Calif. Partrick didn’t specify whether there would be any layoffs or new hires with the integration, but did say the deal would be good for business.
“It’s really a good thing for us,” Partrick said. “We just think it’s a good fit: Premium cardio products and premium strength products.”