Escalade Sports has acquired substantially all the assets of North American Archery Group, LLC (NAAG), Gainesville, FL, subject to final approval by the bankruptcy court on or about June 6, 2003.
NAAG is a manufacturer of premium archery equipment specializing in an exclusive line of compound bows, traditional re-curve bows, long bows, youth bows, cross bows, archery accessories and arrow components. Products are sold under strong brand names that include Fred Bear, Jennings, Golden Eagle, Brave, and Satellite Archery.
Bill Reed, President of Escalade, Inc. was quoted as saying: “The combination of the intellectual property of NAAG with the marketing strength of Escalade Sports will have positive results in the current year. We expect this acquisition to add between 12 and 14 million in annual sales and be accretive to earnings in the current year. This addition strengthens our already strong position in the archery market place.”
NAAG is currently under Chapter 11 bankruptcy protection and Escalade Sports has filed an asset purchase agreement with the court offering 4.8 million dollars in cash and the assumption of roughly 6.3 million dollars in existing NAAG debt. The transaction will be funded through existing lines of credit held by Escalade, Inc. with Bank One Indiana, N.A.
Assets being acquired include accounts receivable; inventory; property, plant and equipment; and intellectual property. The property plant, and equipment is comprised of land, buildings, and production equipment located in Gainesville, FL, used in the manufacture of NAAG’s current product line. Escalade Sports expects to utilize these assets in the present location for the same general purpose they are currently utilized by NAAG.
Fred Bear, the founder of NAAG and the most recognized name in archery, is just one of the world recognized brand names in NAAG’s intellectual property portfolio. The “Fred Bear” name is synonymous with innovative and creative technologies such as the compression molded limbs and single cam bows — both developed by NAAG. Escalade Sports will continue the “Fred Bear” tradition of leading the industry through innovation and manufacturing excellence — a legacy of craftsmanship that is evident in every bow produced.
Dan Messmer, President of Escalade Sports stated, “The strength of the intellectual property accompanied with strong brands such as Fred Bear enables us to expand our distribution. The NAAG product line, innovations, patents and brands complement our strong position as a quality manufacturer, importer and distributor of sporting goods products.”
