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Vista Outdoor sells off Bollé, Cebé and Serengeti brands

Published July 9, 2018

FARMINGTON, Utah (BRAIN) — Vista Outdoor has entered an agreement to sell off its Bollé, Cebé and Serengeti brands for $158 million to Antelope Brands Bidco Inc., an entity controlled by a private equity fund based in Europe. The transaction is set to close in 30 to 45 days. The company announced the sale Monday.

The sale is part of Vista Outdoor’s previously announced strategic business transformation plan to focus resources on pursuing growth in its core product categories of ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products.

“We are pleased to have successfully reached an agreement to sell our eyewear and safety business at an attractive price,” said Chris Metz, CEO of Vista Outdoor. “The business will have the opportunity to reach its full potential under new ownership. This divestiture is the first step in our transformation plan and will be the first of several potential asset sales that will significantly reduce Vista Outdoor’s leverage and provide additional resources to for us to reinvest in our core businesses.”

The purchase price represents a premium to the EBITDA multiple paid for Bollé, Cébé and Serengeti as part of the Bushnell acquisition in 2013.

Vista Outdoor expects to use the net after-tax proceeds of the sale to repay outstanding indebtedness. 

“We are now turning our efforts to the rest of our divestiture plan as previously communicated in May,” Metz said. “We are excited to build on this momentum and expect to provide further updates on this process during our first quarter earnings call in early August.”

Robert W. Baird & Co. served as transaction and financial adviser, and Reed Smith LLP served as legal adviser to Vista Outdoor in connection with the transaction.

Related article: Vista Outdoor sees 13% organic decline in outdoor product sales, plans to sell Bollé

Topics associated with this article: Mergers & Acquisitions

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