AmyntaGroup, a prominent insurance services provider, has made a significant acquisition by purchasing the extended warranty operations of iFIT Health & Fitness Inc., operating through its wholly-owned subsidiary, Universal Technical Services (UTS).
iFIT stands as one of the industry’s largest providers of at-home fitness equipment, boasting renowned equipment brands such as NordicTrack, ProForm, Weider, and FreeMotion. UTS, on the other hand, is the exclusive distributor and administrator of branded extended warranty and maintenance plans for all iFIT fitness equipment brands in the United States and international markets. As part of this acquisition, Amynta has cemented a long-term strategic partnership with iFIT. This partnership aims to offer a comprehensive platform for extended warranty protection and maintenance plans for all iFIT fitness equipment. UTS, based in Logan, Utah, will continue to operate under the capable leadership of Nick Palmer, Vice President of UTS, and Greg Lindsay, Director of UTS.
Tim Mrotek, President of Global Consumer Warranty at Amynta, expressed his excitement, stating, “I am excited to welcome Nick, Greg, and the UTS team to Amynta. This transaction expands our presence into the fitness space through a well-established operating platform serving iconic fitness brands. UTS brings expertise and scale to the fitness category, complementing our offerings and aligning with our strategy of building and growing our position in attractive consumer end markets.”
Dale Gerard, Chief Financial Officer of iFIT, also shared his enthusiasm about the sale of their extended warranty operations and the strategic partnership with Amynta. Gerard stated, “Amynta brings best-in-class warranty solutions that will enhance the iFIT member experience throughout our line of fitness products. This partnership will allow iFIT to focus on developing our best-in-class fitness technology, member content, and products, while strengthening our extended warranty solutions for NordicTrack, ProForm, FreeMotion, and iFIT members worldwide. We look forward to working with Amynta to support our members for years to come.”
Financial advisory services for iFIT were provided by Truist Securities, Inc., while Kirkland & Ellis LLP acted as legal counsel in this transaction.
About Amynta Amynta Group is a distinguished insurance services company with over $3.5 billion in managed premium and a workforce of 2,000 associates spanning North America, Europe, and Australia. As an independent company with a customer-centric and underwriting-focused approach, Amynta offers innovative insurance and warranty protection solutions to leading carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer product retailers. The company operates through three segments: Managing General Agencies; Warranty, including automotive, consumer, and specialty equipment; and Specialty Risk Services. For additional information, please visit amyntagroup.com.
About iFIT iFIT is a global fitness and well-being subscription technology company catering to a thriving community of over 7.7 million members in more than 120 countries. iFIT’s portfolio includes industry-leading brands such as NordicTrack, ProForm, Sweat, Freemotion, Weider, and 29029. These brands are powered by the iFIT integrated health and fitness platform, which seamlessly connects proprietary software, experiential content, and interactive hardware. With its headquarters in Logan, Utah, and additional offices in Paris, Shanghai, Sydney, and Leeds, iFIT offers immersive, adaptive, and personalized workout experiences suitable for individuals of all fitness levels and interests. The company delivers interactive experiences through a vast array of live and on-demand content across various connected fitness modalities. iFIT has earned recognition as a leader and pioneer in the health and well-being industry, boasting over 400 issued and pending patents. To learn more, please visit ifit.com.