A fitness equipment retailer founded in the 1980s with a single Glasgow outlet has been acquired by a German peer in a deal that will create a £63 million business.
Sport-Tiedje Group has bought Powerhouse Fitness for an undisclosed sum as a springboard into the UK market.
Founded by David Webster, Powerhouse Fitness now has nine stores across the UK, including two in Glasgow and one each in Aberdeen and Edinburgh. It also owns Bodymax brand and turned over £22m in the year to June.
Sport-Tiedje claims to be the leading specialist retailer for home fitness equipment in Europe, with 30 stores in Austria, Belgium, Denmark. Germany, the Netherlands and Switzerland. It said there were no current plans to rebrand or replace staff at Powerhouse.
Christian Grau, chief executive of Sport-Tiedje, said: “We are excited to acquire Powerhouse Fitness which is a strong player in the UK fitness market.”
The Powerhouse shareholders were advised on the deal by the corporate finance team at RSM in Scotland.