American Capital Strategies Ltd. has invested $117 million in the senior and junior subordinated debt of Bushnell Performance Optics. American Capital's investment supports Bushnell's acquisition of Michaels of Oregon Co., a leading manufacturer and marketer of accessories for the hunting, shooting sports and law enforcement industries. The combined entity will now operate as Bushnell Outdoor Products.
Antares Capital Corporation leads a syndicate providing a senior credit facility. Wind Point Partners is the majority owner of Bushnell.
“We are pleased to be investing with Wind Point Partners for the second time and supporting the acquisition of Michaels by Bushnell,” said American Capital Chief Operating Officer Ira Wagner. “Bushnell has a rich brand history and maintains the number one or number two brand within each of the sport optics, outdoor technology, and hunting and shooting accessory categories in which it competes.”
American Capital has invested over $2.8 billion in the last twelve months, $1.9 billion year to date and nearly $600 million quarter to date.
“Bushnell's extraordinary brand equity constitutes a distinct competitive advantage and barrier to entry while also serving as a contributor to the Company's strong margins,” said American Capital Principal Todd Wilson. “Bushnell supports and cultivates its brands with substantial advertising and sophisticated marketing campaigns and a commitment to continuous product innovation and improvement. The Company maintains strong, long-standing customer relationships across multiple channels of trade and across several countries.”
“The acquisition of Michaels provides Bushnell further product diversification, additional brands with leading market positions in the hunting and shooting sports segment, and increased penetration in key distribution channels. Further, both companies have a history of successful acquisition and integration,” said American Capital Vice President Brian Marshall.
