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Vista Outdoor to Acquire Bell, Giro and Blackburn

Vista Outdoor Inc. has entered into a definitive agreement with BRG Sports, Inc. to acquire BRG Sports’ Action Sports division, which includes the Bell, Giro, C-Preme and Blackburn brands. The acquisition adds helmets for cycling, snow sports, and powersports, as well as goggles, footwear and a variety of cycling accessories and research and product development capabilities.

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Vista Outdoor Inc. has entered into a definitive agreement with BRG Sports, Inc. to acquire BRG Sports’ Action Sports division, which includes the Bell, Giro, C-Preme and Blackburn brands. The acquisition adds helmets for cycling, snow sports, and powersports, as well as goggles, footwear and a variety of cycling accessories and research and product development capabilities of some of the markets leading premium brands.

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The purchase price is $400 million in cash plus an earn-out related to the future performance of the powersports business and subject to a customary working capital adjustment.

The completed acquisition will be integrated into Vista’s Outdoor Products segment, resulting in a balancing of Vista Outdoor’s brand portfolio between Shooting Sports and Outdoor Products.

“This acquisition is consistent with our strategic growth objective of becoming a world-leading outdoor sports and recreation products company,” said Vista Outdoor Chairman and CEO Mark DeYoung. “This is our third acquisition since becoming an independent public company one year ago, and demonstrates our commitment to creating a solid leadership position in the individual outdoor recreation market with top-tier brands and market-leading capabilities. The Action Sports acquisition, combined with our strong CamelBak and Bollé brands, positions Vista Outdoor as a leading company in cycling and snow sports equipment in both North America and Europe. Adding these innovative and well-known consumer brands to our portfolio creates a channel leadership position, enabling us to sell a broad suite of Vista Outdoor products to specialty outdoor shops, wholesalers and leading outdoor product retailers.”

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The transaction is subject to regulatory approvals and customary closing conditions. Vista Outdoor anticipates closing the transaction in the next 30 to 60 days.

“Vista Outdoor is a perfect new home for the Action Sports division as they join an expanding outdoor sports and recreation company comprised of market-leading brands,” said BRG Sports Executive Chairman and CEO Terry Lee. “Under Vista Outdoor ownership, we are confident Bell, Giro, C-Preme and Blackburn will continue to drive product innovation and lead the industry. We know they will continue to foster the strong people and product culture that makes these brands great.”

The acquisition includes BRG Sports’ Action Sports division. BRG Sports will maintain ownership of Riddell. Action Sports is headquartered in Scotts Valley, California and operates facilities in the U.S., Canada, Europe and Asia. The acquisition of Action Sports will include more than 600 employees.

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Vista Outdoor’s brands include Federal Premium, Bushnell, CamelBak, Savage Arms, BLACKHAWK!, Primos, Final Approach, Uncle Mike’s, Hoppe’s, RCBS, Alliant Powder, CCI, Speer, Champion Targets, Gold Tip Arrows, Weaver Optics, Outers, Bollé, Cebe, Serengeti and Jimmy Styks.

In a separate statement, BRG Sports said it will apply the proceeds from the transaction to pay down debt, strengthen the company’s balance sheet and pursue strategic growth initiatives that will benefit its most recognizable remaining brand, Riddell. Riddell is a premier designer and developer of protective sports equipment including helmets and shoulder pads, and apparel and related accessories.

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BRG Sports’ current owners, Fenway Partners Capital Fund II and Fund III, and Ontario Teachers’ Pension Plan, will maintain their investments in the Company.

“We are very proud of our employees and the strong cycling, snow and powersports business we’ve built. The Bell and Giro brands have set the standard for innovation and excellence for many years,” said BRG Sports Executive Chairman and CEO Terry Lee. “We are confident that this business will continue to excel and serve as an industry leader under Vista Outdoor ownership.”

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