We’ve reported on the boom in indoor training in 2020 thanks to the COVID-19 pandemic – today we got some more proof of that thanks to the news that Peloton will acquire fitness equipment manufacturer Precor for US$420 million.
For the last eight years, Peloton has been offering fitness enthusiasts a way to enjoy the benefits of hitting a spin class in their own homes, providing a super-efficient way to get the most out of their training. One of Peloton’s big selling features is the community features and content available. You have access to the live Leaderboard and a variety of classes, including Bike Bootcamp along with Peloton’s cardio-oriented sessions.
The latest version of the Peloton, the Bike+ features a large, rotating screen, a powerful soundbar and digital resistance for an impressive personal workout space right at home, which has been a popular addition to many households throughout 2020.
Peloton will now “acquire Precor’s factories in Whitsett, North Carolina, and Woodinville, Washington, which combined have more than 625,000 square feet of manufacturing space,” according to CNBC’s Lauren Thomas. “The deal also boosts Peloton’s product development efforts, by adding nearly 100 research-and-development employees to its existing staff.”
The company has been struggling to keep up with the demand for its innovative bike – this deal should help the company meet those demands in the future, while also expanding its audience by tapping into “Precor’s existing relationships with U.S. hotel chains, multifamily residences and college and corporate campuses,” Thomas continued.