Fitness equipment specialist, Dyaco UK, has acquired online fitness marketplace Sweatband.com.
Founder, Maz Darvish, will remain a shareholder in the combined business while moving on to launch a new AI start-up called Cognition Hub.
“As I embark on a new venture, I look forward to continuing to work closely with Dyaco UK to help accelerate what has been a significant period of growth,” Darvish said.
With the deal, Dyaco UK is looking to expand its services and to cover both the consumer and commercial fitness markets. It is currently mainly B2B.
According to Dean Jackson, who is now CEO of Dyaco UK and Sweatband.com, the move will see the two companies leveraging their “complementary capabilities”, combining Dyaco’s Taipei-based manufacturing capacity and product portfolio with Sweatband.com’s knowledge of the e-commerce landscape.
“This deal marks an exciting chapter for Dyaco UK, as we combine our resources and expertise to create a global powerhouse in the fitness industry,” Jackson said.
“It will drive accelerated growth in key markets globally, allowing Dyaco UK to strengthen its market position and expand its reach.
Dyaco UK is a 100 per cent owned subsidiary of Dyaco International Inc (T/A Dyaco), which is headquartered in Taiwan.
The parent company has offices in 86 countries, employs over 1,000 people globally and already has a portfolio of 500 products.
Dyaco UK was set up in March 2018 to extend the brand into the UK market, with the parent company investing substantially in the launch.
