Compass Diversified (CODI) has completed the sale of Crosman Corporation, the air gun division of its Velocity Outdoor, Inc. subsidiary, to Daisy Manufacturing Company.
Terms of the deal were not disclosed.
Crosman is a designer, manufacturer and marketer of air guns, accessories and related consumables sold under the Crosman, Benjamin, Game Face, LaserMax, and Centerpoint Optics brands. For over 100 years, Crosman has been a pioneer in the air gun industry. Daisy is a designer, manufacturer and marketer of youth and adult air guns, accessories and related consumables sold under the Daisy, BSA, Red Ryder, Gamo ,and Winchester brands and is a portfolio company of BRS & Co.
Proceeds from the transaction will be used to pay down debt and for general corporate purposes.
Elias Sabo the CEO of Compass Diversified stated, “Our partnership with Crosman dates back to 2006 when we first acquired Crosman, and we are grateful for its history of contributions to both Velocity Outdoor and CODI. We believe Crosman’s sale to a recognized industry veteran in the air gun space positions it well for future success.”
Tom McGann, chairman of Velocity Outdoor, commented, “On behalf of the Velocity team, I want to thank the entire Crosman team for their dedication over the years. We wish them nothing but continued success under new ownership.”
Robert W. Baird & Co acted as the exclusive financial advisor, and Gibson, Dunn & Crutcher, LLP acted as legal counsel to CODI. Kirkland & Ellis, LLP acted as legal counsel to Daisy.
Image courtesy Gamo
