Garmin has completed the acquisition of Tacx Onroerend en Roerend Goed B.V (Tacx). The privately-held Dutch company is now part of the Garmin group. It designs and manufactures indoor bike trainers, tools and accessories, as well as indoor training software and applications.
Garmin’s acquisition of Tacx was originally announced in February 2019. The company is clearly ramping up competition with rival Wahoo Fitness, which has built market share and distribution in the indoor space with its KICKR, KICK CLIMB and KICKR HEADWIND bike trainer devices. Going head to head with Garmin, Wahoo has also built a following for its outdoors products, such as its cycling computers – ELEMNT & ELEMNT BOLT.
“We are pleased to have the Tacx team join the Garmin family, and we are excited to add indoor training solutions to the Garmin fitness portfolio,” said Cliff Pemble, Garmin President and CEO. “We are looking forward to leveraging the outstanding expertise and skills of the Tacx team to provide a seamless indoor and outdoor experience for athletes year-round.”
Tacx will continue operations at its current headquarters in Wassenaar, Netherlands, along with its distribution centre located 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 will continue its capital investment project currently underway. This will expand its R&D and production capacity. Financial terms of the transaction were not released.
Garmin is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom.