Vista Outdoor Finalizes Sale of Bollé, Cébé and Serengeti Brands
Friday, September 7 2018 | 15 h 22 min | Acquisitions, News, Press Release
Vista Outdoor Inc. announced that it has completed the divestiture of the legal entities operating its Bollé, Cébé and Serengeti brands.
Vista Outdoor announced its intention to sell the Eyewear business in November of 2017. In May of 2018, the company announced its transformation plan to explore strategic options for several brands outside of the company’s core markets of ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products. In July, the company announced it had entered into a definitive agreement to sell the eyewear brands to an entity controlled by a significant European private equity fund, as reported on OptikNOW.ca.
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.
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.
Full press release HERE.