Expresso Fitness, a bankrupt stationary bike maker, has agreed to sell its assets to Interactive Fitness Holdings. The company had received at least $44 million in venture backing from Sierra Ventures, Enterprise Partners and Physic Ventures.
Interactive Fitness Holdings® (“IFH”), announced that it had acquired the assets and intellectual property of Expresso Fitness as part of a larger strategy to acquire, organize and deliver a wide range of interactive fitness solutions to commercial customers. These products are being re-launched as the Expresso line by Interactive Fitness Holdings.
“Products like Wii Fit and Dance Dance Revolution have demonstrated
a large and growing consumer market for interactive fitness products and services,” said Bill Stensrud, Chairman of IFH. “The commercial market is just as exciting but lacks a compelling range of products with sound financial support; IFH will bring breakthrough solutions to commercial fitness facilities in the US and around the world.”
“Acquiring the Expresso technology is the first step,” Bill continued.
“Expresso built a disruptive product line which was embraced with great enthusiasm by the commercial market. This is a terrific platform on which to build.”
IFHs first priority will be to develop and deliver support services for the installed base of Expresso products.
“There are over ten thousand Expresso bikes installed,” said Brian Button, CEO of IFH. “Their owners want to know that there is a financially sound organization committed to providing the staff, parts, procedures and services needed to support those bikes. IFH is taking on this role, starting immediately. Service and parts products will be defined, priced and available within a week of this announcement.”
“Owners should also know that IFH will maintain the networked servers at www.expresso.net : which provide bike connectivity,” Brian added. “We will assure that there is no interruption of these services.”
IFH support services will include parts and full service contracts. IFH plans to offer steep discounts to customers that put their bikes under service contracts immediately.
“We are celebrating a new business model, new life and the continuation of the Expresso vision,” said Mark Urlage, Vice President of Sales for IFH. “We will be launching service plans for Expresso’s loyal customer base to support their bikes. Special pricing will be offered on these plans until December 31st to help customers transition to IFH.”
IFHs second priority is to reintroduce Expresso’s bikes to the market.
“Bikes coming from IFH will have been refined and will offer significantly improved reliability,” noted Brian Button. “The IFH team is committed to provide unprecedented innovation and reliability for commercial interactive fitness products. We will be shipping new finished bikes within 2 weeks.”
More details about the launch, timing, pricing and other parts of the new company will be made available on November 16 at www.expresso.com : .
About Interactive Fitness Holdings®
Interactive Fitness Holdings® ( www.ifholdings.com : ) was founded in 2009 with the mission of satisfying an exerciser’s need for an engaging and effective cardiovascular fitness experience. The company leverages the benefits of superior interactive technology at an affordable cost to provide the health, sports and fitness industry with fully integrated, commercial-grade virtual reality-enhanced cardio fitness systems that are revolutionizing indoor exercise. Expresso by IFH systems are sold to fitness facilities and consumers in North America, Europe and other select international locations.