Garmin Takes Over Tacx
SCHAFFHAUSEN, Switzerland – Last Tuesday Garmin Ltd. announced that one of its affiliates has signed a definitive agreement to acquire all of the outstanding shares of Tacx Onroerend en Roerend Goed B.V., a privately-held Dutch company that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications.
The completion of this acquisition is subject to customary regulatory approvals and closing conditions. For decades Tacx is known for its indoor trainers, including the highly-regarded NEO 2 and the revolutionary NEO Bike, that measures speed, power and cadence. Offering a highly realistic and accurate ride simulation, Tacx trainers allow cyclists to experience lifelike conditions, no matter the weather.
Addition to Garmin’s fitness portfolio
“Tacx brings an entirely new product category to Garmin’s fitness portfolio that expands our reach into the indoor training market,” said Cliff Pemble, Garmin president and CEO. “Together with Tacx, Garmin will offer a seamless, enjoyable and motivating indoor and outdoor experience for cyclists all year long.”
“We are excited to have the support of a technology leader like Garmin,” said Koos Tacx, CEO of Tacx. “With Garmin’s extensive R&D capabilities and global distribution network, we look forward to working together to further enhance our indoor training products and technologies and bring them to cyclists around the world.”
Capital investment project
A vertically-integrated company with in-house R&D and production, Tacx is headquartered in Wassenaar, Netherlands with a distribution center in Vogt, Germany. The company employs nearly 200 associates, who will become part of the global Garmin team. To further leverage the growing market for indoor bike trainers, Tacx is currently undergoing a capital investment project to expand its R&D and production capacity. Financial terms of the acquisition will not be released. The completion of this acquisition is expected to occur in the second quarter of 2019. Financial terms of the acquisition will not be released.
Garmin is the GPS navigation and wireless devices and applications pioneer that are designed for people who live an active lifestyle. The company is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd.