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Forzani Buys Fitness Chain
FEBRUARY 02, 2006 --
The Forzani Group, Canada's largest retailer of sporting goods, has acquired The Fitness Source Inc.
Operating nine retail locations, with annual sales of $20 million, in Ontario, The Fitness Source provides home fitness products as well as commercial exercise equipment and accessories. The acquisition was financed through existing credit facilities and will be immediately accretive. Terms of the deal were kept confidential at the request of the vendor.
"We are excited about the acquisition of The Fitness Source, a retailer with over 15 years' experience in the fitness industry," said Bob Sartor, CEO. "In addition to the well-established Fitness Source name, the acquisition provides Forzani with improved access to top equipment and accessory manufacturers in the industry. We now have an excellent vehicle with which to expand our share of the Canadian fitness business, and can leverage it through both our existing franchise business infrastructure and our corporate retail store banners."
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Editors note: On October 12, after this interview
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Categories
Sporting goods industry
Mergers & acquisitions
Fitness
Private label
Companies
Fitness Source Inc.
The Forzani Group Limited
Concepts
fitness industry
Canadian fitness business
home fitness products
credit facilities
commercial exercise equipment
People
Bob Sartor
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