American Amenities, LLC, the amenity services platform of FirstService Corporation (FSV), has completed the acquisition of Heartline Fitness Products, Inc. (t.a. Heartline Fitness Systems). Heartline's core business is the fitness space design: placement and service of commercial fitness equipment in multi-family, office management, hospitality, education, and government markets. Heartline has been a growing industry leader, servicing the Mid-Atlantic area from New York to Georgia.
"American Amenities, LLC, comprised of American Pool Enterprises, Inc., American Leisure, LLC. and Abigail Michaels Concierge, LLC, has acquired Heartline Fitness to further enhance our services offering," says Mitchell Friedlander, CEO of American Amenities. Mr. Friedlander continues, "American Amenities is now a complete service offering for the urban residential market specific to the amenity space. We are a one point of contact company that can execute on everything from designing the entire amenity space, placing and managing the staff, as well as providing luxury concierge service to the individual. In the fitness area, we can go beyond supplying fitness instructors for individuals and group classes, as we now offer space design, product acquisition, placement and the repair of the equipment."
Bob Burgess, president of Heartline states, "After years of looking at acquisitions for our own account, it hadn't occurred to us to consider a firm buying Heartline. However, what started as a business partnership quickly transformed into a more serious, marriage discussion. After some seven months of rigorous discussions and due diligence, we finalized a transaction on October 18th, and the Heartline family couldn't be more ecstatic about the acquisition--future synergies, prospects, and resources that a company like FirstService brings to the table," continues Mr. Burgess. Heartline's current management team will continue to drive the company's long-term strategic direction and day-to-day operations.
"Culturally, we're a solid fit, as both companies are service-driven and highly acquisition oriented, which are key to our future growth strategy," says Jeff Shipman, president of Heartline Technical Services (Heartline's service and repair division). "Timing couldn't be better as we continue to extend our business north of New Jersey, as well as south to Florida, where FirstService platform of companies have significant customer concentration and presence," he continues.
American Amenities is the amenity services platform of FirstService Corporation of Toronto, Canada, a publicly-traded company on the Nasdaq and Toronto Stock Exchanges (NASDAQ: FSV, TSX: FSV). FirstService has revenues over $1.3 billion. Terms of the Heartline transaction were not disclosed.