Interactive Strength Inc. (Nasdaq: TRNR), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced it has signed a binding transaction agreement to acquire Wattbike, the pioneering indoor performance training bike business trusted by elite athletes and fitness enthusiasts worldwide, which has cumulatively sold more than 100,000 bikes.

The binding agreement is a significant milestone for both growth businesses, forming a unique, omni-channel, fitness-equipment portfolio with key operations in each of the world’s three largest fitness markets - the US, Germany and the UK.

The deal is expected to close as early as the second quarter and is expected to be immediately accretive to TRNR’s results.

Transaction Overview

• TRNR will acquire 100% of Wattbike in an all-stock transaction.
• The shareholders of Wattbike will be locked up until at least June 2026 and there is no cash consideration being paid to those investors.
• This performance-driven valuation structure, with up to 60% of the total consideration being contingent upon future performance, protects the TRNR shareholders and should ensure an attractive acquisition multiple of earnings.
• The acquisition does not have a financing contingency.

“We are very energized to welcome Wattbike, its dedicated team and its many customers to the TRNR portfolio,” said TRNR Founder and CEO Trent Ward. “The brand, products and training content are incredible assets. Their indoor cycling training platform is arguably the best in the world of its kind for performance training, testing/benchmarking, rehab, injury prevention and low-impact conditioning. Leading gyms, healthcare facilities, universities, and even special forces military operations recognize this - along with many teams in the NFL, NBA, MLB, NHL and Premier League. By expanding their portfolio of indoor bikes from the elite/commercial arena deeper into consumer market segments and improving their award-winning and free-to-use training app, Stephen and the team have set Wattbike up for global success - especially when paired with TRNR’s marketing, distribution and sales footprint as well as our Nasdaq public listing. The combination is an outstanding opportunity for all of our customers, partners, employees and shareholders.”

"Joining forces with Interactive Strength is an exciting step for Wattbike," said Stephen Loftus, CEO of Wattbike. "This deal gives our latest product launches and renewed growth a larger, scaled platform for marketing and distribution that will dramatically and cost-effectively accelerate our expansion across key international markets, while staying true to our commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike. It’s also exciting to become a key part, and driver, of a high-momentum business like TRNR, that’s natively aligned with our own growth and expansion goals, the importance of quality offerings, and focused specifically on the fitness, health and wellness markets."

"What Stephen and the team have been able to accomplish since the challenges of the pandemic is fantastic," said Dan Stern, Partner at Piper PE, Wattbike’s majority shareholder. "They deepened the original reputation of and trust in their equipment, training and brand among elite athletes. But they also recognized and acted on the opportunity to broaden Wattbike’s portfolio and appeal by building out a much more diverse portfolio of equal-quality equipment and training programs for the larger, mainstream health and wellness market. The business is now well-positioned to accelerate and capture share across the top three fitness markets globally under Interactive Strength’s ownership, as well as to push further into Asia where it has also been a big success to date. We wish Stephen and the team every success in this next phase."

Concluded Mr. Ward: “We’ve noted before that the global health and wellness market is growing, but also fragmented. This reality means that a truly differentiated portfolio of fitness equipment, content and solutions - like the one we believe we are building across Wattbike, Sportstech, FORME and CLMBR- has a real edge. TRNR will be able to provide a wider variety of customers a wider variety of options for healthy exercise across many channels, in almost any major market anywhere in the world. After adding Wattbike and Sportstech, we believe TRNR will present the market with an offering that no other single fitness-focused business can match.”

​​The integration of Interactive Strength and Wattbike will create significant operating synergies, leveraging shared international distributors such as WOODWAY in the US and Germany and MeFit Pro in the Middle East. Both companies have strong commercial partnerships with leading gym operators and direct-to-consumer (DTC) sales—Wattbike predominantly in the UK and TRNR in the US. TRNR’s planned acquisition of Sportstech also strengthens its presence in Germany, supporting Wattbike’s projected growth in the priority US and German export markets.​ Additionally, Interactive Strength’s Quality and Supply team in Taiwan works closely with Wattbike’s long-standing manufacturing partner, Giant/AIPS, ensuring a seamless integration and continued commitment to product excellence.​

For more information see Interactive Strength’s investor website