Nautilus selling Izumi to Shimano

BROOMFIELD – Fitness company Nautilus Inc. (NYSE: NLS) has agreed to sell its Pearl Izumi apparel and footwear segment to Shimano American Corp., a division of cycling and fishing equipment provider Shimano Inc.

Pearl Izumi USA Inc. will become a wholly owned subsidiary of Shimano’s U.S. operations and will continue to operate from its facility in Broomfield with its current management team.

The deal is valued at $69.5 million and is comprised of $65.3 million in cash and the assumption of $4.2 million in long-term debt, and is subject to adjustment for net working capital. The transaction is expected to close by March…