Hyperice is using its influx of investors to purchase San Diego-based thermal technology company RecoverX. The deal is valued in the eighth-figure range, sources tell Front Office Sports.
RecoverX, co-founded by Alex Aguiar and Dan Evans in 2016, develops products that deliver heat and cold therapies in under a minute.
The purchase expands Hyperice’s portfolio: The company is known for its Hypervolt massage gun, and in March 2020 acquired compression technology with the purchase of NormaTec Recovery.
The company announced the purchase on Jan. 27, though Hyperice CEO Jim Huether told FOS that RecoverX’s five employees have already been working for Hyperice for about a month. He also said some of the tech will be available to Tampa Bay and Kansas City trainers and players ahead of the Super Bowl on Feb. 7.
“We are sending some of the recovery tech concepts to the Chiefs and Buccaneers,” Huether said.
Huether said Chiefs quarterback Patrick Mahomes will be one of the first to get a prototype.
Mahomes was among several high-profile athletes who invested in Hyperice in its $48 million funding round that closed in October; the company reached a valuation of $700 million. Hyperice also landed multi-year partnerships with NBA, UFC, MLB, NFL and the PGA Tour in recent months.
The nature of the RecoverX purchase is more of an “acqui-hire” compared to the NormaTec deal. NormaTec had an existing product line, while RecoverX has not yet brought its products to market.
“Although we are smaller, we are quick from a product development standpoint,” Aguiar said. “We have been huge fans of Hyperice over the years and we have looked up to them from an innovation standpoint. It’s honestly been a dream come true to join them.”
Huether said the company plans to begin shipping the first Hyperice products that incorporate RecoverX technology by the end of the summer.