New York, NY--MidOcean Partners, a middle market private equity firm, is pleased to announce that it has sold Bushnell Group Holdings, Inc., to ATK (NYSE: ATK). Bushnell is a leader in branded sports optics, outdoor accessories, and performance eyewear. MidOcean acquired Bushnell in August 2007 and has helped to transform the business as it completed nine add-on acquisitions into complementary product lines.
“MidOcean targets investments in companies that are leaders in their space where we see multiple opportunities for growth like we did with Bushnell” said Ted Virtue, MidOcean's CEO. “We bring significant strategic and operating resources to our portfolio companies to support our management teams. MidOcean was very fortunate to have had the opportunity to partner with Blake and his team as we applied MidOcean's growth methodology to the Bushnell platform to generate value for our Limited Partners."
“I am very proud of what MidOcean and the Bushnell team have accomplished during our partnership. We have completed nine acquisitions and successfully launched a wide variety of new products and category extensions during our partnership, which have expanded our brands and enabled us to provide a broader range of exceptional products to the sports enthusiast customers we serve,” said Blake Lipham, Bushnell Outdoor Products' President and CEO. “Working with MidOcean and leveraging their resources, we were able to transform the Bushnell business and positioned Bushnell for continued future success.
Bushnell offers a broad portfolio of high quality, affordable products such as laser rangefinders, trail cameras, riflescopes and binoculars, hunting and shooting sports accessories and sun, winter and safety eyewear. Bushnell has a track record of product development and innovation, and provides a complementary portfolio of 19 outdoor brands including the iconic Bushnell brand and other authentic, heritage names such as Primos, Bollé, Hoppe's, Uncle Mike's, Butler Creek and Serengeti that are sold in more than 90 countries worldwide.
Morgan Stanley & Co. LLC and Robert W. Baird & Co. Inc. acted as financial advisors to Bushnell, and Kirkland & Ellis LLP is acting as its legal advisor.
About ATK
ATK is an aerospace, defense, and commercial products company with approximately 16,000 employees and operations in 22 states, Puerto Rico, and internationally. ATK is headquartered in Arlington, Va. ATK's Sporting Group is headquartered in Anoka, Minn. News and information can be found on the Internet at www.atk.com, on Facebook at www.facebook.com/atk, or on Twitter @ATK.
