Brunswick Corp., the parent company of Life Fitness, has purchased SCIFIT Systems Inc. and added it to its Life Fitness division, Brunswick announced Wednesday.
Terms of the transaction were not disclosed, but Brunswick, Lake Forest, Illinois, did disclose that SCIFIT's 2014 revenues were approximately $17 million. Life Fitness had 2014 sales of $769.3 million.
The addition of SCIFIT provides Life Fitness with an expanded product line-up and increased access to the growing active aging market, as well as the medical wellness and rehabilitation fitness segments, the company's announcement said.
Founded in 1987 and based in Tulsa, Oklahoma, SCIFIT has a line of fitness equipment designed to address the needs of active seniors and patients undergoing rehabilitation.
The active aging market is growing by the day, according to Brunswick President and Chief Operating Officer Mark Schwabero.
"Each day in the U.S., 10,000 Boomers reach retirement age, with no less than 20 percent of those people exercising three or more times a week, which is a third higher than the previous generation," Schwabero said.
To meet this heightened interest in wellness, the nearly 60,000 facilities that are largely geared to senior living in the U.S. are increasing their spending on fitness and wellness, including installing, adding or refreshing exercise equipment. Most of these facility managers expect to increase their spending in this area in the near future, according to Brunswick research.
"Investment in fitness equipment will increase as these facilities respond to the next generation of residents and their preference towards active lifestyles," Schwabero continued. "We believe that a blend of SCIFIT and Life Fitness, with their complementary product portfolios and combined industry knowledge and leadership, will be well-positioned to meet the needs of the active aging population."
"With our industry leadership and SCIFIT's innovative products and expertise within the active aging and medical exercise categories, the SCIFIT acquisition positions Life Fitness to provide products to support the rapidly growing senior population," said Chris Clawson, president of Life Fitness, Rosemont, Illinois. "Life Fitness will now be able to equip facilities from retirement communities and assisted living centers to nursing homes, long-term care environments and rehabilitation centers with fitness products tailored for the facility's users."
SCIFIT manufactures equipment that can be focused on the needs of the upper body, lower body or total body movements using machines that can be customized to the user's specific needs and ability level. The products have low starting resistance, step-through entry for wheelchair access and built-in workload safeguards for cardiovascular training.
"With Life Fitness product distribution in more than 120 countries, the opportunity to expand SCIFIT products to our global channels will be a major benefit for aging populations worldwide," Clawson said.
Life Fitness had first quarter 2015 revenue of 185.6 million, according to their latest filings with the Securities and Exchange Commission.