STAR TRAC® REORGANIZATION FUELED BY MICHAEL BRUNO ACQUISITION
IRVINE, Calif., July 06, 2010 - Star Trac, a global leader in the commercial fitness industry, announced today that Michael Bruno and Star Trac have signed an agreement whereby Bruno will purchase the controlling interest in Star Trac’s parent company. This will strengthen the company’s ability to provide the product innovation, quality, reliability and customer service that have been the Star Trac brand legacy since 1988. The parties expect to close within two business days. Financial terms of the acquisition have not been disclosed.
Bruno, a highly respected fitness industry veteran for more than 20 years, also has holdings that include Stairmaster based in Vancouver, Washington and Land America, a manufacturing firm in China that builds high-end consumer and commercial fitness equipment. His reorganization plan for Star Trac focuses on company continuity and aggressive streamlining.
"Our activities will create the foundation for the company to experience strong growth and profitability," Bruno said. “This reorganization provides the resources for a strong balance sheet and positions Star Trac for long-term success.” Star Trac is already recognized as a technology leader in the fitness industry, offering the very best in high performance cardiovascular and strength training equipment. The stability created by this reorganization allows the company to continue providing customers with market leading innovation and high quality service, directed by a strong management team led by President and COO Mike Leveque, a 17 year Star Trac veteran.
"Becoming a part of Bruno’s growing family of fitness companies is a tremendous opportunity for Star Trac," Leveque said. “His other companies and Star Trac share a strong belief in serving customer needs, and Bruno is committed to supporting the ongoing product innovation investments that are critical for Star Trac to maintain its global leadership position.” Star Trac will maintain its deep commitment to innovation and customer service. With the consolidation of U.S. operations to one Southern California location, the company will improve efficiencies and communication that will allow them to better serve their customers as a stronger company.
E SPINNER - Expanding the Spinning® experience beyond the studio and onto the cardio floor. Integrated touch screen computer with digital TV tuner. On board customized Spinning® video classes. Proprietary randomization program creates over 1 million possible ride variations.