Performance technology company Hyperice announced it acquired NormaTec, makers of a popular leg recovery system used by professional athletes.
Terms of the transaction were not disclosed by Hyperice CEO Jim Huether tells CNBC the company is projecting $1 billion in gross revenue within 18 months with the NormaTec acquisition.
Terms of the deal were not immediately made available, but Hyperice CEO Jim Huether told CNBC he expects the company's gross revenue to "more than double within 18 months" to $1 billion following the deal. "Through Hyperice's existing manufacturing competencies and economies of scale, we expect the gross margin on the NormaTec line to increase significantly," Huether told CNBC via email. "Through this acquisition, we also expect the NormaTec line to grow in international markets within 18 months."
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