Acquisition Complements and Expands Vista Outdoor’s Outdoor Products Portfolio
Clearfield, UT -(AmmoLand.com)- Today, Vista Outdoor Inc. (NYSE: VSTO) announced it has completed the acquisition of CamelBak Products, LLC, a leading provider of personal hydration solutions for outdoor, recreation and military use.
“CamelBak helps strengthen and expand Vista Outdoor’s presence in the outdoor sports and recreation market,” said Mark DeYoung, Vista Outdoor’s Chairman and CEO. “Their highly recognizable and respected products are used by all manner of outdoor sports enthusiasts and complement every activity where Vista Outdoor’s products are currently used. This acquisition will help our company provide an even broader portfolio of trusted brands for our consumers.”
On July 27, Vista Outdoor announced it had entered into a definitive agreement to acquire CamelBak. Under the terms of the transaction, Vista Outdoor paid $412.5 million, subject to a customary working capital adjustment, utilizing cash on hand and borrowings under its existing credit facilities. Vista Outdoor expects calendar year 2015 net sales for CamelBak of approximately $160 million. Absent transaction and transition costs, Vista Outdoor expects the acquisition to be accretive to Fiscal Year 2016 (FY16) earnings per share (EPS). Vista Outdoor will provide information relating to CamelBak’s impact on FY16 financial results as part of its first quarter earnings press release and webcast on August 13.
CamelBak was founded in 1989 and is headquartered in Petaluma, California. The company employs approximately 300 people and will be integrated into the Outdoor Products segment of Vista Outdoor. CamelBak will remain headquartered in Petaluma, and CEO Sally McCoy will remain with Vista Outdoor. CamelBak was previously a subsidiary company of Compass Diversified Holdings (NYSE: CODI).
Morgan Stanley served as transaction and financial advisor and Cravath, Swaine & Moore LLP served as legal advisor to Vista Outdoor in connection with the transaction.
About Vista Outdoor
Vista Outdoor is a leading global designer, manufacturer and marketer in the growing outdoor sports and recreation markets. The company operates in two segments, Shooting Sports and Outdoor Products, and has more than 30 well-recognized brands that provide consumers with a range of performance-driven, high-quality and innovative products in the ammunition, firearms and outdoor accessories categories. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 10 U.S. States, Puerto Rico, Mexico and Canada along with international sales and sourcing operations in Canada, Europe, Australia, New Zealand and Asia.