Bass Pro Shops has hired a firm specializing in mergers and acquisitions to study ways to raise capital, according to a report in the Wall Street Journal.

Citing anonymous sources , the newspaper reported the retailer had hired Moelis & Co. to investigate options, including selling a minority stake. The newspaper said it was unable to determine how the company would use proceeds of such a sale. At 66, Bass Pro Founder, CEO and Owner John Morris could be seeking a liquidity event. Forbes, which lists Morris as the 347th wealthiest man in the world, estimates his net worth at $4.5 billion.

But the news also comes as a growing number of deep-pocketed competitors ramp up spending  in a bid to wrest market share from independent hook and bullet dealers who still control an estimated 60 percent of the $50 billion a year U.S. market for hunting, fishing and camping supplies. Those competitors include publicly traded Cabela’s Inc., the much smaller Sportsman’s Warehouse and Dick’s Sporting Goods, which is rolling out a new chain of specialty stores under the Field & Stream banner. Academy Sports + Outdoors, which is owned by KKR, is also expanding aggressively. Privately owned Gander Mountain, meanwhile, has announced plans to open nearly a dozen new stores in the last year.

Bass Pro Shops is best known for its massive destination stores, but its operations are much larger. It also owns Tracker Marine Group, which sells boats under the Tracker, Nitro, Mako, Sun Tracker and Tahoe brands. In addition to 68 Bass Pro Shops, Tracker sells from  at least 16 of its own locations and to more than 200 independent dealers. Bass Pro also owns Big Cedar Lodge, a resort in the Ozark Mountains. Analysts estimate the company’s sales rival those of publicly traded Cabela’s Inc., which reported revenues of $3.2 billion in 2013.