Sentinel Buys GSM Outdoors from Huron

Sentinel Capital Partners has acquired GSM Outdoors, a provider of branded accessories for the hunting, sport shooting, and outdoor enthusiast markets, from Huron Capital.

Huron Capital acquired Grand Prairie, TX-based Good Sportsman Marketing (GSM) in June 2016. In October 2016, GSM completed its first add-on acquisition with the buy of Isanti, MN-based HME Products, a designer and seller of hunting tools including accessory hooks, deer gambrels and drags, tree-stand accessories, and gloves. In May 2017, GSM added-on two additional companies with the buys of Eugene, OR-based Bullseye Camera Systems, a designer, assembler and distributor of target shooting camera systems; and Scent Web from Beaverton, MI-based A-Way Hunting Products. Scent Web has a patented foam spray delivery mechanism for dispensing deer scent attractants.

Today, GSM has a broad portfolio of branded hunting and sport shooting products including Stealth Cam (technologically advanced game scouting cameras); Walker’s (hearing protection and enhancement devices); Cyclops (specialty outdoor lighting); Western Rivers (game calls); American Hunter (game feeders); HME (hunting knives and tools); and SME (targets and related accessories).

GSM’s products are sold through a variety of channels, including online retailers, sporting goods stores, mass merchants, outdoorsman retailers, farm and fleet stores, and distributors across the US and Canada. GSM was founded in 1999 and is headquartered near Dallas in Grand Prairie, TX (www.gsmoutdoors.com).

“GSM has an extremely passionate, talented, and committed management team that has built a strong platform of coveted brands,” said John Van Sickle, a Partner at Sentinel. “The company is an industry leader and innovator and is driving growth through developing innovative, high-quality products. GSM’s management has created a culture of success and has positioned GSM as a consolidator of choice in the large and highly-fragmented hunting and sport shooting accessories market.”

Sentinel Capital Partners invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).

“We are very pleased to partner with Sentinel as we execute the next phase of our growth,” said GSM CEO Eddie Castro. “We have an incredibly committed and competitive culture and are passionate about our brands and the customers we serve. Our enthusiast end-user base is loyal and growing. We plan to leverage Sentinel’s extensive experience investing in specialty consumer businesses and making add-on acquisitions to continue our strong growth trajectory.”

Huron Capital, the seller of GSM Outdoors, 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. Huron was founded in 1999 and has offices in Detroit and Toronto (www.huroncapital.com).

Robert W. Baird was the financial advisor to Huron Capital on this transaction.

© 2018 Private Equity Professional | June 7, 2018

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