On Wednesday, December 4, the acquisition of financially-troubled BodyBilt’s assets by former BodyBilt management and Independent Bankers Capital Fund, L.P. of Dallas was completed to form ErgoGenesis, L.L.C.
BodyBilt, an ergonomic chair and accessory manufacturer, had been plagued by financial woes associated with a trademark dispute earlier this year and slow sales in the industry. A public sale of BodyBilt’s assets to settle the company’s debts was previously reported to be scheduled for last July by Finova Mezzanine Capital, Inc., one of BodyBilt’s former major lenders. BodyBilt, however, refuted the validity of the asset auction stating that while a foreclosure notice had been issued, it was subsequently withdrawn. BodyBilt had a history of additional financial problems, including a 1998 delisting from NASDAQ and the company’s origin at an SBA foreclosure auction.
In a press release by the newly formed ErgoGenesis, the acquisition will enable the company to “better support the expansion and growth of the BodyBilt line and speed the creation of new state of the art ergonomics seating lines and ergonomic accessories.”
“Drawing upon BodyBilt’s foundation, we are very pleased to be moving forward in a restructured company with a financial partner such as Independent Bankers Capital Fund. At this time of considerable uncertainty in our industry, we are pleased to be partnered with a group that can assist us in achieving our company’s full potential,” President and CEO of ErgoGenesis, Mark McMillan, said in a press statement.
ErgoGenesis plans to continue operating its headquarters and manufacturing facilities in Navasota, Texas.
Editor’s note — The Ergonomics Report, Ergoweb Inc.’s monthly 12-page printed ergonomics newsletter, originally reported on BodyBilt’s financial situation last July.