Nautilus Inc. announced that the company has completed the sale of its commercially focused Octane Fitness business to True Fitness Technology Inc. for $25.0 million.
True also assumed $3 million of warranty liabilities and $0.5 million of vendor recourse lease obligations. The transaction was signed and completed on October 14, 2020.
“The sale of Octane Fitness aligns with the larger strategic enhancements we are making as a business to streamline our operations and accelerate the transformation of the consumer side of our business”, said Jim Barr, CEO of Nautilus, Inc. “We are focused on dramatically enhancing connected in-home fitness and continuing to provide our customers with cutting-edge technology and superior customer experience. We will use the proceeds of this transaction and our improving balance sheet to continue the transformation of our leading fitness offerings.”
William Blair served as the exclusive financial advisor to Nautilus for the transaction.
Nautilus’ brand portfolio includes Bowflex, Nautilus and Schwinn and a broad selection of exercise bikes, cardio equipment and strength training products.
Photo courtesy Octane Fitness