Manufacturing conglomerate Brunswick Corporation is selling its entire fitness business to private equity firm KPS Capital Partners.

KPS – an investment firm which focuses on manufacturing and industrial companies across a number of industries – will acquire the entire Life Fitness estate, which includes five brands: Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT and Brunswick Billiards.

Under the agreement, approved by Brunswick's board of directors, KPS will pay US$490m (€437m, £374m) in cash to acquire the business and its brands.

The transaction is expected to close during the second quarter of 2019, following receipt of regulatory approvals.

The move comes just months after Brunswick announced plans to spin off its fitness business and to run the wellness brands under an independent, standalone, publicly traded company called FitnessCo. At the time, the company said the move would allow the new company to "better address evolving commercial fitness marketplace trends".

Commenting on the sale, Jason Worthy, president, Life Fitness, said: "We're excited about this incredible opportunity to collaborate with a firm with a tremendous track-record of working with similar companies.

"KPS recognises our world-class brand positioning, the value of our customer relationships, our iconic standing within the fitness industry, and our long-term earning potential.

"We will work closely with KPS to develop and execute a focused strategic plan centred around our mission to inspire healthier lives.

"We will build upon our long and successful history of product development and technology leadership, with the goal of providing the highest-quality solutions and services for a broad range of fitness facilities and fitness consumers."

The move is seen as a way for Brunswick to concentrate in the marine equipment business.

KPS' investments in leisure include TaylorMade Golf and North American Breweries.