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, chief executive officer 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 …read more