The corporate finance team at RSM in Scotland has advised the shareholders of Glasgow-based Laidir Leisure Ltd (trading as Powerhouse Fitness) on the sale of the company to Sport-Tiedje GmbH of Germany for an undisclosed sum.
Powerhouse Fitness is the longest established fitness equipment supplier in the UK. Founded in 1980 by David P Webster OBE, the company has been owned and managed by his sons, Nigel and David Webster since the mid-1980s. Laidir Leisure Ltd, which also owns the Bodymax brand, has nine UK stores (two in London, two in Glasgow, Nottingham, Aberdeen, Edinburgh, Newcastle and Leeds) and recorded sales of £22m in the financial year to June 2015.
Sport-Tiedje was founded in 1984, and is now an established brand in Europe, with 30 stores and one of the most renowned online mail order companies for fitness equipment worldwide. The company, which owns the Taurus and Cardiostrong brands, had a turnover of €51.4m in 2014.
On completion of the acquisition, the combined company is estimated to be valued at around £63m and with over 6000 products, it will offer the widest online range of fitness related products to UK consumers.
Angela Toner and Adam Cullen from RSM’s corporate finance team advised Nigel and David Webster, the Laidir Leisure shareholders, on the sale.
Nigel Webster said: ‘We are extremely grateful to the team at RSM for supporting us through the sale process. We are immensely proud to have grown this business and we see a bright future for the Powerhouse Fitness brand as part of the Sport-Tiedje Group. ’
Angela Toner, corporate finance partner at RSM in Scotland commented:
‘It has been a pleasure to work with Laidir Leisure and to support Nigel and David throughout this process. This deal puts the combined business into a very strong position as it looks to take advantage of international growth opportunities in the home fitness retail sector.’