Jones Day advised Dyaco International Inc. in the acquisition.
Fitness equipment maker Dyaco International Inc
announced that it is to acquire North American exercise equipment brand Sole Fitness as part of its goal of transforming into an original brand manufacturer.
The company’s board of directors earlier yesterday approved the 100 percent share purchase of Fitness Equipment Services LLC for US$28 million on top of the net value of its assets and liabilities on the closing date of the deal, Dyaco said in an e-mailed statement, without giving a clear timeframe.
In a filing with the Taiwan Stock Exchange later yesterday, Dyaco said that it plans to set up a new US subsidiary to take over Sole Fitness, with an initial investment of US$35 million.
The two sides have been collaborating for 18 years, it added.
Dyaco supplies products to Sole Fitness on an original design manufacturing basis and helps sell the brand’s products outside of North America, Dyaco said, adding that it also assists in product development and design, patent filings and after-sales maintenance services.
Dyaco International Inc. manufactures home and commercial fitness equipment.
The Jones Day team included John Lin (Picture) and Raymond Wang.
Law Firms: Jones Day;
Clients: Dyaco International Inc;