NEW YORK (BRAIN) — Peloton has completed its $420 million purchase of the Precor fitness brand from Amer Sports. Peloton said the acquisition provides U.S. manufacturing capacity, R&D resources and access to the commercial fitness equipment market.
Peloton announced its intention to buy Precor in December. Amer Sports owns Enve, as well as Salomon, Arcteryx, Louisville Slugger and other brands. It is the former owner of Mavic.
Peloton said it will produce "connected fitness products" in the U.S. this year, not specifying the type of product that will be made domestically. Peloton, despite opening its own factory in Taiwan, has struggled to supply enough of its indoor connected bikes during the pandemic boom.
"This is a major milestone for Peloton and our global community," said William Lynch, Peloton's president. "We've spent the last few months learning more about Precor's relentless focus on the customer experience and we're now even more enthusiastic about welcoming this talented team to Peloton. Now with Peloton and Precor, we believe we're even better positioned to achieve our goal of bringing the best experience in connected health and fitness to more people around the world."
Precor's president, Rob Barker, will continue to lead Precor and become CEO of Precor and General Manager of Peloton Commercial, reporting to Lynch.
"The next few months are going to be some of the most exciting as Precor and Peloton work together to build for the future and empower more people to live the lives they desire," said Barker. "With Peloton Commercial, we expect we'll be able to not only continue our relationship with our current customers, but scale the Peloton experience that millions of people have at home to even more hotels, campuses, and multifamily residences."
