Good Sportsman Marketing (GSM), a portfolio company of Huron Capital, has closed on two add-on acquisitions with the buys of Eugene, OR-based Bullseye Camera Systems, and Scent Web from Beaverton, MI-based A-Way Hunting Products. These buys represent the second and third add-on acquisitions for GSM since Huron Capital’s initial investment in June 2016.
Scent Web has a patented foam spray delivery mechanism for dispensing deer scent attractants. According to GSM, Scent Web is over 300% more potent than other scents and lasts up to five times longer in the field. This acquisition represents GSM’s initial expansion into the scent and attractants markets. Scent Web will become part of GSM’s Hunting Made Easy brand (www.hmeproducts.com).
“Scent Web will be a great addition to our growing product lineup,” said Eddie Castro, CEO of GSM. “Scent Web offers several unique attributes that differentiate it from competing products, and we believe this will be a key product category extension for the Hunting Made Easy product line.”
Bullseye Camera Systems, the second add-on acquisition, designs, assembles and distributes target shooting camera systems. Using Bullseye’s camera system and its proprietary software application, shooters can view targets from long distances from mobile device as well as utilize several interactive features of the software for a unique experience at the gun range (www.bullseyecamera.com). According to Mr. Castro, Bullseye will be used as the first building block in GSM’s new Shooting Made Easy product line.
GSM’s products include scouting, surveillance and action cameras; hearing amplification and protection devices; portable LED lighting; game calls and deer feeders; accessory hooks, deer gambrels and drags, tree-stand accessories, and gloves. The company’s products are sold through specialty retailers, mass merchants and online. Brand names include StealthCam, Walker’s, Cyclops, American Hunter, and HME Products. GSM is headquartered near Dallas in Grand Prairie, TX (www.gsmoutdoors.com).
“We’re thrilled to add not one but two more acquisitions to GSM. Eddie and the GSM team have proven the ability to drive growth across their portfolio of products, and we look forward to seeing the potential of these new products through GSM’s distribution,” said Sean Roberts, a Principal at Huron Capital. “We are excited about the future for both Scent Web and Bullseye, and are eager to pursue additional acquisitions as we expand the GSM platform.”
The first add-on acquisition completed by GSM was the October 2016 buy of HME Products, a designer and distributor of hooks, deer gambrels and drags, tree-stand accessories, and gloves used by hunters. HME customers include sporting goods, farm & fleet, e-commerce and specialty retailers across the US (www.hmeproducts.com).
Huron invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. The firm is led by its senior partners Brian Demkowicz, Michael Beauregard, John Higgins and Peter Mogk. Huron was founded in 1999 and has offices in Detroit and Toronto (www.huroncapital.com).
In January 2017, Huron closed the firm’s fifth fund, The Huron Fund V, LP, with $550 million of capital commitments. The new fund closed at its hard cap and in excess of its $500 million target. The final close was reached after just three months of marketing and was oversubscribed with over $1 billion of demand.
© 2017 Private Equity Professional | May 26, 2017
