ACQUISITION PRESS RELEASE
Seattle, WA — PFHN Ventures LLC announces that it has formed a new partnership to acquire the assets of Thermogenesis Group Inc., creator of the iMovR brand of office fitness products.
PFHN Ventures LLC is a new company formed by a group of executives with extensive office furniture and ergonomics experience in order to acquire the iMovR brand and continue its operations uninterrupted. The new company is led by Josh Feinstein, a third-generation office furniture retailing entrepreneur.
Bellevue, WA-based Thermogenesis Group Inc., which first launched the iMovR brand in 2013, ran into a series of financial challenges stemming from the pandemic, including significant supply chain disruptions, and most recently, the economic impacts of the slowing tech economy and SVB collapse. Unable to meet all of its financial obligations, a senior secured creditor has foreclosed on all the assets of the company, and then immediately sold the entire iMovR brand, all inventories, and select intellectual property assets to PFHN Ventures—in such a manner as to minimize disruption to iMovR’s operations. Most of the remaining key employees of iMovR have been rehired by PFHN and are relocating to Seattle, WA. Having no remaining assets, Thermogenesis Group, Inc. was dissolved.
“While the circumstances surrounding the post-pandemic economy have led to the decline or collapse of so many good companies in the office furniture industry, we are pleased that we were able to acquire the assets and key employees of iMovR with minimal disruption to customers, and look forward to stabilizing and re-vitalizing what has become one of the most iconic all-American brands of standing desks and ergonomic accessories in the industry,” says Feinstein.
For the past decade iMovR has been helmed by serial tech entrepreneur Ron Wiener, who says “We’re extremely proud of the tech-forward innovations iMovR introduced into the active office workstation industry, and the solid customer base of over 50,000 accounts that we have developed over the past decade. While our shareholders are taking a complete loss, the outgoing senior management is very pleased to have been able to find a well-resourced and highly ethical partner to ensure the continuity of the brand and jobs for our key personnel.” He adds that “this would not have been possible without the cooperation of all of our key strategic manufacturing partners who faithfully and rapidly agreed to continue supplying the new operating entity.”
Feinstein concludes “The new ownership brings strong financial backing, additional sales channels (including retail and commercial contract), an even broader ergonomics product selection, and extensive operating resources to bear in rebuilding iMovR.com to its former glory and beyond. While no immediate changes are planned for the robust iMovR product line of standing desks and ergonomic accessories, a complete overhaul of the website is planned in order to enhance the customer’s online shopping experience and streamline back-end operations.” The company will focus on adding more offerings such as extensive ergonomic office seating, e.g., in 2024 and beyond.
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Contact Information:
PFHN Ventures
Josh Feinstein, CEO
425-999-3550
josh@imovr.com
Release Date:
June 6th, 2023
