Shimano American Corp. on Monday completed its acquisition of Broomfield-based Pearl iZumi from Nautilus for $70 million in cash and debt. As a result of the deal, Pearl Izumi will relocate its headquaters to Louisville from Broomfield.
The local footwear and apparel maker will relocate to 1886 Prairie Way, a 91,570-square-foot building in the Colorado Technology Center that formerly was owned by Nautilus and served as Pearl iZumi's warehouse. The company expects to complete the move by the end of May, he added. Nautilus sold that building to Colorado Tech Center property owner Etkin Johnson Group for $6.3 million in early January.
Shimano paid $65.3 million in cash and assumed $4.1 million in debt from Nautilus. In a release, Nautilus officials said proceeds from the sale would be used to pay down debt and fund working capital needs.
Shimano American Corp., based in Irvine, Calif., is the North American subsidiary of Japan-based Shimano Inc.