Defense contractor Alliant Techsystems Inc. was reported to be in advanced talks last week to acquire the optics company Bushnell for roughly $1 billion from MidOcean Partners.


Citing unnamed sources, Reuters reported ATK and MidOcean Partners had not reached an agreement. The New York Post reported in June that MidOcean was shopping the company.


Since being acquired by MidOcean in 2008, Bushnell has made seven tuck-in acquisitions that have transformed it from an optics brand best known for its binoculars into a significant vendor of hunting and firearms accessories. Its product line now includes riflescopes, rangefinders, trail cameras, spotting scopes, illumination and other products, which are sold through the outdoor sporting goods and channel and gun dealers.


While ATK derived 65 percent of its 2012 sales from serving U.S. and foreign militaries and law enforcement agencies, its commercial sales are growing much faster. In the quarter ended June 30, sales at its Sporting Goods Group grew 28.4 percent to $358.3 million, including $6.4 million from the Savage, a maker of long guns it acquired during the quarter. Operating profits rose 112.2 percent to $44.1 million, or more than a third of operating profits. Sales at its Aerospace Group, by contrast, grew 2.4 percent to $308.2 million, while sales and operating profits at its Defense Group declined 13.1 and 32.0 percent respectively. ATK Sporting Group claims to be the world leader in shooting sports ammunition and accessories.