Nautilus walks away from Pearl Izumi
In an attempt to keep the organisation “focused on restoring profitability” to its global fitness business, America’s Nautilus, Inc. has agreed to sell its Pearl iZumi apparel and footwear division to Shimano American Corporation for $69.5 million — comprising $65.3 million in cash and the assumption of $4.2 million in long-term debt. The deal is expected to close by March 31.
"We believe this divestiture is in the best interest of shareholders by providing liquidity and keeping our organisation focused on restoring profitability to our global fitness business," said Bob Falcone, president and chief executive of Nautilus. "Pearl iZumi is an excellent brand of apparel and footwear for cycling and running. We are pleased to have found a strategic buyer in Shimano that values the brand as well as our talented apparel and footwear staff."
