MidOcean Partners has an agreement to sell Bushnell Group Holdings, a provider of branded sports optics, outdoor accessories, and performance eyewear, to Alliant Techsystems, the world’s largest ammunition maker, for $985 million in cash.
Bushnell offers a portfolio of products such as laser rangefinders, trail cameras, riflescopes, binoculars, hunting and shooting sports accessories, and sun, winter and safety eyewear. The company has a portfolio of 19 outdoor brands including the Bushnell brand and other names such as Primos, Bollé, Hoppe’s, Uncle Mike’s, Butler Creek and Serengeti that are sold in more than 90 countries worldwide. Bushnell is based in Overland Park, KS (www.bushnell.com).
“Bushnell is a leading provider of outdoor consumer-branded products,” said Blake Lipham, Bushnell Outdoor Products’ President and CEO. “I am very proud of what MidOcean and the Bushnell team have accomplished during our partnership. We have completed nine acquisitions and successfully launched a wide variety of new products and category extensions during our partnership, which have expanded our brands and enabled us to provide a broader range of exceptional products to the sports enthusiast customers we serve.”
MidOcean acquired Bushnell in August 2007 from Wind Point Partners, and completed nine add-on acquisitions during its ownership term. The add-on includes Gold Tip (2013); Primos Hunting (2012); Night Optics USA (2011); Cebe (2009); Simmons(2008); Millett (2008); Ultropics (2008) Neo (2008); and Kolpin (2007).
“MidOcean targets investments in companies that, like Bushnell, are leaders in their space where we see multiple opportunities for growth,” said Ted Virtue, MidOcean’s CEO. “We bring significant strategic and operating resources to our portfolio companies to support our management teams. MidOcean was very fortunate to have had the opportunity to partner with Blake and his team as we applied MidOcean’s growth methodology to the Bushnell platform.”
MidOcean Partners is a private equity firm focused on the middle market. Industries of interest include consumer, business and media services, and industrial services. The firm has offices in New York and London (www.midoceanpartners.com).
Alliant Techsystems (ATK) is an aerospace, defense, and commercial products company with approximately 14,000 employees and operations in 21 states, Puerto Rico, and internationally. ATK is headquartered in Arlington, VA (www.atk.com) and the ATK Sporting Group is headquartered in Anoka, MN (www.atk.com/business-groups/atk-sporting/).
Morgan Stanley & Co. and Robert W. Baird & Co. are acting as financial advisors to Bushnell, and Kirkland & Ellis is acting as its legal advisor.
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-5-13