Amynta Group Acquires iFIT Health & Fitness Extended Warranty Operations
NEW YORK and LOGAN, Utah, Sept. 13, 2022 /PRNewswire/ -- AmyntaGroup, a leading insurance services provider, has acquired the extended warranty operations of iFIT Health & Fitness Inc., operated through its wholly owned subsidiary, Universal Technical Services (UTS).
iFIT is the industry's largest at-home fitness equipment company, whose equipment brands include NordicTrack, ProForm, Weider and FreeMotion. UTS is the exclusive distributor and administrator of branded extended warranty and maintenance plans for all iFIT fitness equipment brands in the U.S. and international markets. As part of the transaction, Amynta has entered into a long-term strategic partnership with iFIT to deliver a full-service platform of extended warranty protection and maintenance plans for all iFIT fitness equipment. UTS is based in Logan, Utah and will operate under the continued leadership of Nick Palmer, Vice President of UTS, and Greg Lindsay, Director of UTS.
"I am excited to welcome Nick, Greg and the UTS team to Amynta," said Tim Mrotek, President of Global Consumer Warranty at Amynta. "This transaction expands our presence into the fitness space through a well-established operating platform serving iconic fitness brands. UTS brings expertise and scale to the fitness category, complementing our offerings and aligning with our strategy of building and growing our position in attractive consumer end markets."
"I'm thrilled to announce the sale of our extended warranty operations and our strategic partnership with Amynta," said Dale Gerard, Chief Financial Officer of iFIT. "Amynta brings best-in-class warranty solutions that will enhance the iFIT member experience throughout our line of fitness products. This partnership will allow iFIT to focus on developing our best-in-class fitness technology, member content and products, while strengthening our extended warranty solutions for NordicTrack, ProForm, FreeMotion and iFIT members worldwide. We look forward to working with Amynta to support our members for years to come."
Truist Securities, Inc. served as financial advisor, and Kirkland & Ellis LLP acted as legal counsel to iFIT.
Amynta Group is a premier insurance services company with more than $3.5 billion in managed premium and 2,000 associates across North America, Europe, and Australia. An independent, customer-centered and underwriting-focused company, Amynta serves leading carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer product retailers with innovative insurance and warranty protection solutions. Amynta operates through three segments: Managing General Agencies; Warranty, including automotive, consumer and specialty equipment; and Specialty Risk Services. For more information, please visit amyntagroup.com.
iFIT® is a global fitness and well-being subscription technology company that provides unmatched fitness experiences and solutions to its growing community of over 7.7 million members in over 120 countries. iFIT's industry-leading brands – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are powered by the iFIT integrated health and fitness platform, which seamlessly connects the company's proprietary software, experiential content and interactive hardware. Based in Logan, Utah, with offices in Paris, Shanghai, Sydney and Leeds, the company offers immersive, adaptive, personalized workout experiences for every fitness level and interest. iFIT delivers these patented interactive experiences through an extensive offering of live and on-demand content across the industry's broadest range of connected fitness modalities. iFIT is a leader and pioneer in the health and well-being industry with more than 400 issued and pending patents. For more information, please visit ifit.com.
Brenna Tetley
Phone: 646.887.9498
Email: [email protected]
Chris Ezbiansky
Phone: 646.207.9674
Email: [email protected]
Colleen Logan
Email: [email protected]
SOURCE The Amynta Group
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