Fitness equipment maker Nautilus Inc. acquired Octane Fitness on Monday for about $115 million, accord to a joint release by the companies.
 
Vancouver, Washington-based Nautilus is best known for its array of fitness equipment sold under brand names Bowflex, Schwinn and Universal.
 
Dennis Lee and Tim Porth founded Octane in Brooklyn Park back in 2001. Their business began through the sales of a single elliptical machine and grew to a portfolio of unique equipment, including its Zero Runner and XT-One cross trainer machines. Through the 2015 sales year, Octane expects to generate $65 million in sales.
 
Nautilus CEO Bruce Cazenave called the acquisition “a significant milestone for Nautilus,” in a statement. Over the last year and a half, Cazenave led a team at Nautilus in a hunt for “a strategic acquisition.” After an extensive search that examined more than 100 possible companies, Nautilus ultimately landed on Octane.
 
Nautilus will purchase all of the capital stock from North Castle Partners, a private equity firm in Greenwich, Connecticut, and other investors that own a stake of Octane. The deal was financed through cash on hand and an $80 million loan.
 
In a statement, Octane CEO Dennis Lee said “the combination of two industry leaders provides our team members with a unique opportunity to continue to focus on our core products and channels, while benefiting from Nautilus’ added experience and broader resources.” Lee added that he and his associates “look forward to taking Octane Fitness to the next level in this new chapter.”
 
Octane’s staff of approximately 80 employees is expected to stay in Brooklyn Park, while Lee and co-founder Porth join Nautilus’ management team.