Bushnell Outdoor Products was sold from one private equity firm to another last week as MidOcean Partners acquired the optical and outdoor products firm from Wind Point Partners. Terms of the deal were not disclosed.
Joe Messner, president and CEO of Bushnell since 1999, and other senior managers will continue to run the company after the deal closes and will own an undisclosed, but “significant” stake in the company. The deal is expected to be completed at the end of August. Bushnell also owns the Tasco, Bollé, Serengeti, Uncle Mikes, Hoppes, Butler Creek and Stoney Point brands, among others. MidOcean, with offices located in both New York and London, focuses on middle market investments. The firm reports a portfolio of that consists of 65 companies.
Local papers reported the total enterprise value of the deal was $600 million.
“Bushnell fits squarely within our investment philosophy of investing in leading, high-quality consumer brands and complements our existing portfolio of branded consumer product companies,” said Rob Sharp, a managing director at MidOcean. “We are very excited to partner with Joe Messner and the Bushnell management team to continue its focus on providing cutting edge products to the outdoor enthusiast, and we look forward to expanding its reach as we develop new products and leverage the company's existing technologies to enter new markets.”
Salam Chaudhary, principal of Wind Point, said, “Bushnell has been an excellent investment for Wind Point. Joe has done a terrific job of executing on the value creation plan we developed when we partnered together to acquire Bushnell, including closing four add-on acquisitions and reinvigorating Bushnell's new product development efforts. I am confident that Joe and his team will continue to deliver superior performance.”