Garmin® signs purchase agreement to acquire Tacx, the leading manufacturer of indoor bike trainers

Schaffhausen, Switzerland/February 12, 2019/Business Wire — Garmin Ltd. (NASDAQ: GRMN), today 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 (“Tacx”), 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.

The market leader with more than five decades of experience, Tacx is best known for its innovative line of indoor smart 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. For the most interactive and immersive indoor experience, the Tacx smart trainers connect wirelessly to popular training apps to help cyclists get more from their workouts, as well as the Tacx software/training app that offers training plans, data analysis, films of scenery all over the globe, live opponents and much more.

“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.”

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.

The completion of this acquisition, which is subject to customary conditions, is expected to occur in Q2 2019. Financial terms of the acquisition will not be released.

For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin’s virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, instagram.com/garmin, twitter.com/garmin, or youtube.com/garmin.

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Carly Hysell

Garmin International, Inc.

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