U.S. Bankruptcy Court Approves Sale of BowFlex Assets to Johnson Health Tech

Krissy Vann | Host, All Things Fitness and Wellness

In a recent court ruling, the U.S. Bankruptcy Court for the District of New Jersey approved the sale of the assets of BowFlex Inc., a Vancouver, Washington-based manufacturer of at-home fitness equipment, to Johnson Health Tech Retail, Inc. The transaction, totaling $37.5 million in cash, less certain adjustments, comes as part of BowFlex's efforts to stabilize its financial situation under Chapter 11 bankruptcy protection filed earlier this year.

BowFlex has faced significant market challenges recently, prompting the need for restructuring. This approval by Judge Andrew Altenburg Jr. paves the way for Johnson Health Tech, a leading global manufacturer of fitness equipment, to acquire BowFlex. Johnson Health Tech is known for its strong portfolio of brands, including Vision Fitness, Horizon Fitness, and Matrix, which serve both commercial and residential markets.

The deal, set to close around April 22, 2024, is still subject to customary closing conditions. This acquisition is seen as a strategic move for Johnson Health Tech, expanding its reach in the home fitness equipment market, a sector that saw explosive growth during the pandemic but has since experienced a normalization of demand.

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Credit: Bowflex