Business

November 4, 2013

ATK completes acquisition of Bushnell Group Holdings

ATK announced that Nov. 1 it completed the acquisition of Bushnell Group Holdings, Inc. ñ a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear.

The Bushnell portfolio includes high-quality, innovative and affordable products targeted to the outdoor and sport enthusiast.

“ATK is committed to expanding our product offerings, strengthening leadership positions in our core markets, maintaining a strong balance sheet and delivering long-term, profitable growth,” said Mark DeYoung, ATK president and CEO. “Completing the Bushnell acquisition, plus our first-quarter acquisition of Savage Sports Corporation, positions ATK with a comprehensive product offering of ammunition, sporting arms and accessories in our existing markets as well as creates an opportunity to expand into new and adjacent outdoor recreation markets.”

On Sept. 5, 2013, ATK announced it had entered into a definitive agreement to acquire Bushnell. Under the terms of the transaction, ATK paid $985 million in cash, subject to customary post-closing adjustments. Bushnell’s projected sales for calendar year 2013 are approximately $600 million. ATK expects the acquisition to result in fiscal year 2014 earnings per share dilution due to the stub period, transaction expenses and purchase accounting. ATK also expects the acquisition to be accretive to EPS in its first full year of operations (fiscal 2015), including impacts associated with transition expenses, and estimates fiscal 2016 EPS accretion of approximately $1. ATK financed the acquisition through borrowings including refinancing its existing secured debt with new $1.96 billion Senior Secured Credit Facilities and new $300 million Senior Unsecured Notes. ATK will provide information relating to Bushnell’s impact on fiscal 2014 financial results as part of its second quarter earnings press release and webcast on Nov. 7, 2013.

ATK will integrate Bushnell into its Sporting Group, under the direction of Senior Vice President and Group President Jay Tibbets. Fitting within ATK Sporting Group’s existing accessories business, Bushnell increases the company’s exposure to higher-growth hunting and outdoor lifestyle markets. With the addition of Bushnell, the Sporting Group will account for approximately 45 percent of total ATK revenue. Across the enterprise, commercial and international sales will account for approximately 50 percent of ATK total revenue.

“We are executing a focused integration strategy aimed at maximizing deal value, leveraging the strengths of our existing and new capabilities, optimizing common areas such as product development, sales, marketing and distribution, while minimizing the risk of operational and customer disruptions,” said DeYoung.

Bushnell has a track record of product development and innovation, with more than 10,000 customer accounts in more than 90 countries worldwide. The company provides a complementary portfolio of 19 outdoor brands in sports optics, outdoor accessories and performance eyewear, including the iconic Bushnell brand and other authentic, heritage names such as Primos, Bolle, Hoppe’s, Uncle Mike’s, Butler Creek and Serengeti. Founded in 1948, Bushnell is headquartered in Overland Park, Kansas, and employs approximately 1,100 skilled workers around the globe.

ATK’s Sporting Group is an established leader in sporting and law enforcement ammunition and shooting accessories. ATK’s ammunition brands include Federal Premium, CCI, Fusion, Speer, Estate Cartridge and Blazer. ATK’s accessories brands include BLACKHAWK!, Eagle, Alliant Powder, RCBS, Champion Target, Gunslick Pro, Outers, and Weaver Optics. In June 2013, ATK acquired Savage Sports Corporation, adding centerfire and rimfire rifles, shotguns and shooting range systems used for hunting and competitive and recreational shooting to its product offering.

Bushnell had been a portfolio company of MidOcean Partners.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines September 19, 2014

News: McKeon on broader military authorization: Anything can ‘fail or pass’ - Rep. Howard “Buck” McKeon, R-Calif., chairman of the House Armed Services Committee, said if Congress returns after the midterm elections to weigh a broader military authorization for the battle against Islamic State, it might not pass. Defense contractor gets 7 years for giving secrets...
 
 

News Briefs September 19, 2014

U.S. military deaths in Afghanistan at 2,203 As of Sept. 16, 2014, at least 2,203 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. At least 1,823 military service members have died in Afghanistan as a result...
 
 

Pratt & Whitney, U.S. Air Force complete qualification for F135 engine testing

Pratt & Whitney, a United Technologies Corp. , together with its U.S. Air Force partner at the F135 Heavy Maintenance Center at Tinker Air Force Base, Okla., celebrated another significant milestone qualification for F135 engine testing at the Oklahoma City Air Logistics Complex. OC-ALC which in addition to engine testing is also qualified to perform...
 

 
Navy photograph

Triton has first cross-country flight from Palmdale

Northrop Grumman photograph The MQ-4C Triton Unmanned Aircraft System takes off from Northrop Grummanís Palmdale, Calif., facility Sept. 17 for its first cross-country flight to Naval Air Station Patuxent, River, Md. PALMDALE,...
 
 
Air Force photograph by Michael J. Pausic

Future of NATO: Adapting to a new security environment

Air Force photograph by Michael J. Pausic Gen. Phillip Breedlove informs the assembled crowd about the results of the recent NATO Summit and the areas of instability that affect Europe that have regional implications. Seated in...
 
 
Air Force photograph by Scott M. Ash

AFRL commander describes Air Force’s technology vision

Air Force photograph by Scott M. Ash Maj. Gen. Thomas Masiello takes a question from an audience member after discussing Air Force Research Laboratory breakthrough technologies during the 2014 Air Force Association’s Air ...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>