Nautilus, Inc. Announces Sale of Octane Fitness
October 14 2020 - 04:05PM
Business Wire
- Octane Fitness Sold for $25.0 Million
- Sale Aligns with Company’s Renewed Focus on Connected In-Home
Fitness
Nautilus, Inc. (the “Company”) (NYSE:NLS), the innovation leader
in home fitness for over 30 years, announced today that the Company
has completed the sale of its commercially focused Octane Fitness
business to TRUE Fitness Technology, Inc. (TRUE) 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 a 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.
About Nautilus, Inc.
Nautilus, Inc. (NYSE:NLS) is the global leader in innovative
home fitness solutions. The company’s diverse brand portfolio
includes Bowflex®, Nautilus®, and Schwinn®, and a broad selection
of exercise bikes, cardio equipment and strength training products.
Nautilus, Inc. utilizes technology to develop personalized,
connected fitness solutions that empower and motivate people to
live a healthy lifestyle. The company sells its products through
direct and retail channels. Nautilus, Inc. uses the investor
relations page of its website (www.nautilusinc.com/investors) to
make information available to its investors and the market.
About TRUE Fitness
TRUE has been manufacturing premium fitness equipment since
1981. TRUE offers a customer-first approach, while designing,
building, and servicing excellent cardio, strength, and functional
training equipment. Learn how TRUE’s responsive service, superior
quality, and product design expertise make TRUE your trusted
partner in fitness before, during, and after the sale. To learn
more visit truefitness.com.
Forward Looking Statements
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995. All of these
forward-looking statements are subject to risks and uncertainties
that may change at any time. Factors that could cause Nautilus,
Inc.’s actual expectations to differ materially from these
forward-looking statements include risks related to: not completely
realizing the anticipated benefits from the sale; changes in the
financial markets, including changes in credit markets and interest
rates; and changes in consumer fitness trends. Additional
assumptions, risks and uncertainties are described in detail in our
registration statements, reports and other filings with the
Securities and Exchange Commission, including the “Risk Factors”
set forth in our Annual Report on Form 10-K, as supplemented by our
quarterly reports on Form 10‑Q. Such filings are available on our
website or at www.sec.gov. You are cautioned that such statements
are not guarantees of future performance and that our actual
results may differ materially from those set forth in the
forward-looking statements. We undertake no obligation to publicly
update or revise forward-looking statements to reflect subsequent
developments, events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20201014005776/en/
Media Contacts: John Fread Nautilus, Inc. 360-859-5815
jfread@nautilus.com
Carey Kerns The Hoffman Agency 503-754-7975
ckerns@hoffman.com
Investor Relations: John Mills ICR, LLC 646-277-1254
john.mills@ICRinc.com
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