Nautilus (NYSE:NLS) stock is soaring as the company acquired Octane Fitness.
The Vancouver company has shelled out $115 million for the company. “We’re adding a few more cylinders to the engine,” Nautilus CEO Bruce Cazenave said during an investor call.
Nautilus closed the deal before the end of the year on Thursday with a $80 million loan and cash to buy Octane from current owner, private equity firm North Castle Partners .
“This transaction adds a leading fitness brand, unique products and technologies, broadens distribution and deepens our talent pool,” said Bill McMahon, CEO of Nautilus, in a statement.
Octane is headquartered in Minnesota and has about 80 employees. The fitness equipment company’s revenues for 2015 are expected to be around $65 million.
NLS stock is up 9.7% Tuesday.
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