Johnson Health Tech .Co., Ltd. entered into a purchase agreement to acquire All Assets from BowFlex Inc. for $37.5 million.
March 04, 2024
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Johnson Health Tech .Co., Ltd. (TWSE:1736) entered into a purchase agreement to acquire All Assets from BowFlex Inc. (NYSE:BFX) for $37.5 million on March 4, 2024. In order to facilitate the sale process, the Company and certain of its subsidiaries have voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court for the District of New Jersey, which will provide interested parties the opportunity to submit competing offers. The transaction is subject to approval by the Bankruptcy Court and any other approvals that may be required by law, and other customary conditions. The transaction has been approved by the court. The transaction expected to close on or around April 22, 2024.
Matthew A. Clemente of Sidley Austin LLP and Amy Bowler of Holland & Hart LLP are serving as legal advisors to BowFlex. FTI Consulting, Inc. and FTI Capital Advisors LLC have been retained as financial advisor and investment banker to BowFlex to manage the sale and auction process. Victor I. Chang of LCS & Partners and Lee C. Cheng of Buchalter acted as legal advisors to Johnson Health Tech.
Johnson Health Tech .Co., Ltd. is a Taiwan-based company principally engaged in the research, development, design, manufacture and sales of cardiopulmonary resuscitation fitness machines and weight training machines, as well as the provision of after-sales services. The Company's main products include electric treadmills, vertical and lying exercise bikes, elliptical machines, rowing machines, steppers, weight training machines, electric massage chair series and others. The Company distributes its products in domestic market and to overseas markets, including Europe, the Americas, the rest areas of Asia and others.
JOHNSON HEALTH TECH .CO., LTD. 
