Bushnell To Acquire Millett Industries, Inc.
August 26, 2008
Overland Park. KS , August 26. 2008 - MidOcean Partners, a leading middle market private equity fund, and Bushnell Outdoor Products, the worldwide leader in sports optics, premium eyewear, and outdoor accessories for over 60 years, announced today that Bushnell has signed a definitive agreement to acquire Millett Industries in Huntington Beach, Calif. The transaction is expected to close within the next thirty days. The terms of the purchase agreement were not disclosed.
Founded in 1980, Millett Industries began with a line of pistol sights and scope mounting systems. Since then the company has expanded its product line to include optics and currently offers high-quality sighting solutions for sporting, tactical and law enforcement applications. The Millett product line includes sights and scope mounting hardware, riflescopes, red dot scopes and spotting scopes for hunting and tactical use.
“Millett enjoys a strong brand equity and customer loyalty for their rings & bases and their recently expanded line of optics, particularly on the tactical and law enforcement side of the business, which will complement and strengthen our existing product lines,” said Joe Messner, President and CEO of Bushnell Outdoor Products.
David Basto, a Principal at MidOcean Partners, stated. “Bringing Millett Industries into the Bushnell family of brands is a continuation of our goal to grow the company through strategic acquisitions. Bushnell and Millett share a reputation for quality and value with their industry partners and customers.”
This was the second acquisition for Bushnell this year. Earlier this summer, the company acquired the assets of Simmons Outdoor Corporation from Meade Instruments.
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Bushnell Outdoor Products is a global manufacturer and marketer of branded consumer products based in Overland Park, Kansas. Bushnell Outdoor Products sells its products worldwide under the Bushnell, Tasco, Serengeti, Bolle, Uncle Mike’s Law Enforcement, Stoney Point, Hoppe, Blackwater Gear, and Butler Creek brand names. Additional information about Bushnell is available at www.bushnell.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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