Harper Macleod, one of Scotland’s leading law firms, has advised the shareholders of Powerhouse Fitness on its sale to German firm Sport-Tiedje.
Powerhouse Fitness is the trading name of Laidir Leisure Limited which has been acquired by Sport-Tiedje for an undisclosed amount to create a combined company with an estimated value of around £63m.
The company will offer the biggest online range of products to the UK market with over 6000 fitness related products.
Craig McKerracher, Partner at Harper Macleod who advised on the sale, said: “I am delighted that Harper Macleod has been able to successfully conclude the sale of Laidir Leisure Limited for David and Nigel Webster. The company was a true family business having passed from their father as founder to David and Nigel as the second generation family owners. They have worked tirelessly to build the company into the success it is today. We wish the new owners well in continuing the success of the business going forward”
The company will retain the ‘Powerhouse Fitness’ brand and current staff members. Powerhouse Fitness was founded by David Webster in 1980 and has nine stores nationwide, including two in Glasgow, one in Edinburgh and one in Aberdeen. It owns the successful Bodymax brand and is the longest established fitness equipment supplier in the UK market. The company reported turnover of £22 million in the financial year to June 2015.
Sport-Tiedje is an established brand in Europe, with 30 stores and one of the most renowned online mail order companies for fitness equipment worldwide.
Christian Grau, CEO of Sport-Tiedje Group commented: “We are excited to acquire Powerhouse Fitness which is a strong player in the UK fitness market. Sport-Tiedje Group is Europe’s number one in home fitness and we have a clear international expansion strategy with the focus to further strengthen our position and we are looking forward to integrating Powerhouse within the Group.”