Nautilus Inc. (NYSE: NLS) has agreed to purchase fitness product maker Octane Fitness LLC from North Castle Partners for $115 million. The buyer will fund the acquisition with cash and debt.
Octane, founded in 2001 and based in Brooklyn Park, Minnesota, makes elliptical machines that are used by fitness chains, sports teams, corporations and government agencies. North Castle has acquired the target in 2005.
Nautlilus has been on the hunt for deals. “Our team has undertaken a rigorous and disciplined external search for a strategic acquisition over the last 18 months,” says Nautilus CEO Bill McMahon. Nautilus, based in Vancouver, Washington, makes treadmills, stationary bicycles along with other fitness machines under the Bowflex, Schwinn and Universal brands.
In other recent sporting equipment deals, Bruckmann Rosser Sherrill & Co. acquired race car equipment maker Simpson Performance Products Inc. and Norwest Equity Partners has picked up a stake in ski and snowboard equipment retailer Christy Sports.
Raymond James (NYSE: RJF) and Morrison Cohen are advising the sellers.