Peloton Signs Agreement to Acquire Precor

Peloton, the leading home fitness equipment and digital fitness platform, has signed an agreement to acquire Precor, a leading commercial fitness equipment provider. The announcement was made by John Foley, Peloton`s CEO, on December 21, 2020. The deal is expected to close in early 2021, subject to regulatory approvals.

The acquisition of Precor is a significant move for Peloton, as it expands the company`s reach into the commercial fitness sector. Precor has been a trusted name in the fitness industry for over three decades, with a focus on designing and manufacturing high-quality, reliable equipment for gyms, hotels, universities, and other commercial facilities.

By acquiring Precor, Peloton gains access to a vast network of commercial fitness customers and a team of experienced engineers and designers. This acquisition will allow Peloton to develop new products and services tailored to the commercial fitness market, which has been hit hard by the COVID-19 pandemic.

Peloton`s digital fitness platform has seen explosive growth during the pandemic, as more people have turned to home workouts. Peloton offers live and on-demand fitness classes, as well as a range of connected fitness equipment, including stationary bikes and treadmills. The company`s revenue has more than doubled in the past year, reaching $1.8 billion in fiscal year 2020.

With the acquisition of Precor, Peloton can now offer its digital fitness platform to commercial fitness customers, catering to a wider range of users. Peloton also gains a new revenue stream, with the sale of commercial fitness equipment, which is expected to be a significant growth area in the future.

According to Peloton`s CEO, John Foley, “The acquisition of Precor allows us to accelerate our strategic plan and deepen our reach into the commercial sector, leveraging Precor`s decades of experience and expertise. We are excited to welcome the Precor team to Peloton and look forward to working together to bring our industry-leading products and services to more customers around the world.”

In conclusion, Peloton`s acquisition of Precor is a game-changer for the fitness industry, creating new opportunities for growth and innovation. With the combination of Peloton`s digital fitness platform and Precor`s commercial fitness equipment, the two companies are poised to dominate the fitness market for years to come.