Garmin® signs purchase agreement to acquire Tacx, the leading manufacturer of indoor bike trainers
February 12 2019 - 9:00AM
Business Wire
Garmin Ltd. (NASDAQ: GRMN), today announced that one of its
affiliates has signed a definitive agreement to acquire all of the
outstanding shares of Tacx Onroerend en Roerend Goed B.V
(“Tacx”), a privately-held Dutch company that designs and
manufacturers indoor bike trainers, tools and accessories, as well
as indoor training software and applications. The completion of
this acquisition is subject to customary regulatory approvals and
closing conditions.
The market leader with more than five decades of experience,
Tacx is best known for its innovative line of indoor smart
trainers, including the highly-regarded NEO 2 and the revolutionary
NEO Bike, that measures speed, power and cadence. Offering a highly
realistic and accurate ride simulation, Tacx trainers allow
cyclists to experience lifelike conditions, no matter the weather.
For the most interactive and immersive indoor experience, the Tacx
smart trainers connect wirelessly to popular training apps to help
cyclists get more from their workouts, as well as the Tacx
software/training app that offers training plans, data analysis,
films of scenery all over the globe, live opponents and much
more.
“Tacx brings an entirely new product category to Garmin’s
fitness portfolio that expands our reach into the indoor training
market,” said Cliff Pemble, Garmin president and CEO. “Together
with Tacx, Garmin will offer a seamless, enjoyable and motivating
indoor and outdoor experience for cyclists all year long.”
“We are excited to have the support of a technology leader like
Garmin,” said Koos Tacx, CEO of Tacx. “With Garmin’s extensive
R&D capabilities and global distribution network, we look
forward to working together to further enhance our indoor training
products and technologies, and bring them to cyclists around the
world.”
A vertically-integrated company with in-house R&D and
production, Tacx is headquartered in Wassenaar, Netherlands with a
distribution center in Vogt, Germany. The company employs nearly
200 associates, who will become part of the global Garmin team. To
further leverage the growing market for indoor bike trainers, Tacx
is currently undergoing a capital investment project to expand its
R&D and production capacity. Financial terms of the acquisition
will not be released.
The completion of this acquisition, which is subject to
customary conditions, is expected to occur in Q2 2019. Financial
terms of the acquisition will not be released.
For decades, Garmin has pioneered new GPS navigation and
wireless devices and applications that are designed for people who
live an active lifestyle. Garmin serves five primary markets,
including automotive, aviation, fitness, marine, and outdoor
recreation. For more information, visit Garmin's virtual pressroom
at garmin.com/newsroom, contact the Media Relations department at
913-397-8200, or follow us at facebook.com/garmin,
instagram.com/garmin, twitter.com/garmin, or
youtube.com/garmin.
About Garmin
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Garmin Ltd. and its business. Such statements are based on
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limited to, the risk factors listed in the Annual Report on Form
10-K for the year ended December 30, 2017, filed by Garmin with the
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0-31983). A copy of such Form 10-K is available at
http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No
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version on businesswire.com: https://www.businesswire.com/news/home/20190212005021/en/
Carly HysellGarmin International, Inc.Phone | 913/397-8200E-Mail
| media.relations@garmin.com
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