CLEARFIELD, Utah, Aug. 3, 2015 /PRNewswire/ -- Today, Vista Outdoor
Inc. (NYSE: VSTO) announced it has completed the acquisition of
CamelBak Products, LLC, a leading provider of personal hydration
solutions for outdoor, recreation and military use.
"CamelBak helps strengthen and expand Vista Outdoor's presence
in the outdoor sports and recreation market," said Mark DeYoung, Vista Outdoor's Chairman and CEO.
"Their highly recognizable and respected products are used by all
manner of outdoor sports enthusiasts and complement every activity
where Vista Outdoor's products are currently used. This acquisition
will help our company provide an even broader portfolio of trusted
brands for our consumers."
On July 27, Vista Outdoor
announced it had entered into a definitive agreement to acquire
CamelBak. Under the terms of the transaction, Vista Outdoor paid
$412.5 million, subject to a
customary working capital adjustment, utilizing cash on hand and
borrowings under its existing credit facilities. Vista Outdoor
expects calendar year 2015 net sales for CamelBak of approximately
$160 million. Absent transaction and
transition costs, Vista Outdoor expects the acquisition to be
accretive to Fiscal Year 2016 (FY16) earnings per share (EPS).
Vista Outdoor will provide information relating to CamelBak's
impact on FY16 financial results as part of its first quarter
earnings press release and webcast on August
13.
CamelBak was founded in 1989 and is headquartered in
Petaluma, California. The company
employs approximately 300 people and will be integrated into the
Outdoor Products segment of Vista Outdoor. CamelBak will remain
headquartered in Petaluma, and CEO
Sally McCoy will remain with Vista
Outdoor. CamelBak was previously a subsidiary company of Compass
Diversified Holdings (NYSE: CODI).
Morgan Stanley served as transaction and financial advisor and
Cravath, Swaine & Moore LLP served as legal advisor to Vista
Outdoor in connection with the transaction.
About Vista Outdoor
Vista Outdoor is a leading global
designer, manufacturer and marketer in the growing outdoor sports
and recreation markets. The company operates in two segments,
Shooting Sports and Outdoor Products, and has more than 30
well-recognized brands that provide consumers with a range of
performance-driven, high-quality and innovative products in the
ammunition, firearms and outdoor accessories categories. Vista
Outdoor products are sold at leading retailers and distributors
across North America and
worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and
facilities in 10 U.S. States, Puerto
Rico, Mexico and
Canada along with international
sales and sourcing operations in Canada, Europe, Australia, New
Zealand and Asia. For news
and information visit www.vistaoutdoor.com or follow us on Twitter
@VistaOutdoorInc and Facebook at www.facebook.com/vistaoutdoor.
Cautionary Note Regarding Forward-looking
Statements
Certain statements in this press release,
including statements regarding pending transaction with CamelBak
Products, LLC, the expected future financial performance of
CamelBak Products, LLC and the impact of that performance on Vista
Outdoor, constitute forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. The words
'believe', 'expect', 'anticipate', 'intend', 'aim', 'should' and
similar expressions are intended to identify such forward-looking
statements. All such forward-looking statements involve estimates
and assumptions and are subject to a number of risks and
uncertainties, many of which are beyond Vista Outdoor's control,
which could cause actual results to differ materially from the
expectations described in the forward-looking statements. Among
those risks and uncertainties are: assumptions regarding demand for
CamelBak's products; changes in interest rates or credit
availability; anticipated benefits and cost savings from the
transaction may not be fully realized or may take longer than
expected to realize; the ability of Vista Outdoor to retain and
hire key personnel and maintain relationships with customers,
suppliers and other business partners of CamelBak; costs or
difficulties related to the integration of the business following
completion of the transaction; and changes in the business,
industry or economic conditions or competitive environment. Vista
Outdoor undertakes no obligation to update any forward-looking
statements. For further information on factors that could impact
Vista Outdoor, and the statements contained herein, please refer to
Vista Outdoor's most recent Annual Report on Form 10-K and any
subsequent quarterly reports on Form 10-Q and current reports on
Form 8-K filed with the U.S. Securities and Exchange
Commission.
Media
Contact:
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Investor
Contact:
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Amanda
Covington
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Michael
Pici
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Phone:
801-779-4625
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Phone:
801-779-4614
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E-mail:
media.relations@vistaoutdoor.com
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E-mail:
investor.relations@vistaoutdoor.com
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SOURCE Vista Outdoor Inc.