Vista Outdoor Inc. Finalized Sale of Bolle, Cebe and Serengeti Eyewear Brands
In May 2018, Vista Outdoor Inc. announced its transformation plan to explore strategic options for several brands outside of the company’s core markets in ammunition, hunting and shooting accessories, hydration bottles and outdoor cooking products.
As VMAIL reported in July, the company then announced it had entered into a definitive agreement to sell the eyewear brands to an entity “controlled by a significant European private equity fund.” The company did not identify the fund.
“We are eager to build on the momentum from this sale,” said Metz. “We are hard at work on the next stage of our transformation plan and confident in our ability to put Vista Outdoor on a path for future success.”
Gross proceeds from the divestiture were $158 million. Vista Outdoor's net proceeds from the sale, after certain transaction adjustments and financial advisor fees, were approximately $154 million. The purchase price will be subject to a customary post-closing true-up for working capital and other items, the company stated.
Robert W. Baird & Co. served as transaction and financial advisor and Reed Smith LLP served as legal advisor to Vista Outdoor in connection with the transaction.