Marketing agency acquires stake in fitness equipment brand
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A Nottingham-based marketing agency collective has completed a deal to acquire a stake in Versaclimber UK, a fitness equipment brand based in Stourbridge.
The Boda Group, which includes digital marketing and PR agency Tank and brand communications agency Warbox, has initially acquired a 24% stake in the fitness business, with plans to increase this to 48% over the next two years.
As part of the deal, The Boda Group will manage Versaclimber UK’s marketing and customer experience activities and expand the brand’s presence across Europe.
Trevor Palmer, managing director of The Boda Group, has served as a PR consultant for Versaclimber UK for over twenty years and was approached by the brand’s owner, Neil Kelford, to take a share in the business.
Palmer said: “I’ve worked with Neil since 2003 and have obviously come to know the cadence of the business through the sometimes turbulent waters of the fitness industry and I’m confident that the introduction of our team into Versaclimber, will help realise its ambitious European vision.”
The Versaclimber, developed in the early 1980s to help NASA astronauts combat muscle loss in space.
Known for its calorie-burning, full-body workout capabilities, the Versaclimber remains popular in gyms worldwide, and is a favorite among military personnel and celebrities alike.
Neil Kelford, owner and MD of Versaclimber UK, said: “I am looking forward to working with the team as fellow directors. Trevor, Phil and their team know the product range well and have the energy, talent and a unique vision for taking the Versaclimber into thousands more homes and gyms across Europe.”
The deal was managed by Phil Kelsey, commercial and strategic director of The Boda Group, with legal assistance from Michael Squirrell, a corporate partner at Shakespeare Martineau.