3M Co., a multi-national conglomerate corporation that owns brands such as Scotch, Nexcare and Ace, has signed a definitive agreement to acquire Ross Outdoor Sports Specialties, a Colorado-based specialty manufacturer of fly fishing equipment and accessories.
Ross, recognized as one of the top fly reel manufacturers in the U.S., also manufactures high-end fly rods, complete fly fishing outfits, reel outfits, rod cases, fishing pliers and other outdoor related products. The company is comprised of two business entities Ross Reels USA and Ross Worldwide Outdoors.
Silver Steep Partners, a financial advisory firm specializing in the specialty outdoors and active lifestyle industries, served as the exclusive financial advisor to Ross.
Robert Farinholt, VP and co-founder of Silver Steep, said the acquisition was a natural transition and would complement 3M’s existing fishing brand, Scientific Anglers, which utilizes a more “mass market” approach to the fishing consumer. “This deal is a continuation of the consolidation trends,” said Farinholt. He also said it was also a promising sign that companies like 3M, which generates in excess of $20 billion on an annual basis, can identify the value of smaller specialty brands like Ross. The acquisition is expected to allow Ross to enhance their product offering to a specialty consumer that has been somewhat reluctant to purchase given the economic environment. Farinholt emphasized that the deal was not implicative of financial distress for Ross but instead was an opportunity to help Ross maximize its business operations
“3M's vast research and development resources, along with its history and experience in the fly fishing market will help us to continue to grow the trusted Ross brand,” added Ross CEO Dan Clark.
“The addition of Ross builds on 3M's core fly fishing portfolio and further expands the business,” said Gabi Sabongi, vice president, New Business Ventures, 3M Consumer and Office Business. “The combination of Ross's well recognized brand products with 3M’s Scientific Anglers branded fly fishing lines, reels, rods and accessories will allow 3M to better serve consumers and retailers in North America.”
Ross, which employs about 25 people at its Montrose, CO operations headquarters, expects to retain all employees throughout the transaction.
3M Adds to Specialty Portfolio with Acquisition of Ross Reels
3M Co., a multi-national conglomerate corporation that owns brands such as Scotch, Nexcare and Ace, has signed a definitive agreement to acquire Ross Outdoor Sports Specialties, a Colorado-based specialty manufacturer of fly fishing equipment and accessories.
Ross, recognized as one of the top fly reel manufacturers in the U.S., also manufactures high-end fly rods, complete fly fishing outfits, reel outfits, rod cases, fishing pliers and other outdoor related products. The company is comprised of two business entities Ross Reels USA and Ross Worldwide Outdoors.
Silver Steep Partners, a financial advisory firm specializing in the specialty outdoors and active lifestyle industries, served as the exclusive financial advisor to Ross.
Robert Farinholt, VP and co-founder of Silver Steep, said the acquisition was a natural transition and would complement 3M’s existing fishing brand, Scientific Anglers, which utilizes a more “mass market” approach to the fishing consumer. “This deal is a continuation of the consolidation trends,” said Farinholt. He also said it was also a promising sign that companies like 3M, which generates in excess of $20 billion on an annual basis, can identify the value of smaller specialty brands like Ross.
The acquisition is expected to allow Ross to enhance their product offering to a specialty consumer that has been somewhat reluctant to purchase given the economic environment. Farinholt emphasized that the deal was not implicative of financial distress for Ross but instead was an opportunity to help Ross maximize its business operations
“3M's vast research and development resources, along with its history and experience in the fly fishing market will help us to continue to grow the trusted Ross brand,” added Ross CEO Dan Clark.
“3M's vast research and development resources, along with its history and experience in the fly fishing market will help us to continue to grow the trusted Ross brand,” added Ross CEO Dan Clark.
“The addition of Ross builds on 3M's core fly fishing portfolio and further expands the business,” said Gabi Sabongi, vice president, New Business Ventures, 3M Consumer and Office Business. “The combination of Ross's well recognized brand products with 3M’s Scientific Anglers branded fly fishing lines, reels, rods and accessories will allow 3M to better serve consumers and retailers in North America.”
Ross, which employs about 25 people at its Montrose, CO operations headquarters, expects to retain all employees throughout the transaction.
