Nautilus, Inc. has completed the sale of its commercially focused Octane Fitness business to TRUE Fitness Technology, Inc. (TRUE) for $25.0 million (USD), the company announced. 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.
With the sale, Nautilus exits the commercial fitness market and will focus on connected in-home fitness.
“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.”