Pearl Izumi has announced today that the Colorado company has been purchased by cycling industry giant Shimano America.

Nautilus, Inc., Pearl Izumi’s previously owner, has been shopping Pearl Izumi around since at least October 2007. Nautilus says the purchase price was $69.5 million, split as $65.3 million in cash and the assumption of $4.2 million in long-term debt. The closing of the transaction is expected by the end of March.

Shimano will keep Pearl Izumi’s headquarters put in Broomfield, Colorado. They anticipate strengthening the brand and grow Pearl from where it stands. Shimano’s plans are to keep the two companies’ management separate powers.