Compass Diversified Holdings (CODI) announced that the company’s subsidiary, Velocity Outdoor Inc., has acquired Ravin Crossbows, LLC for a purchase price of $94 million.

The price excludes working capital, a potential earn-out payment of up to $25 million based on future financial performance and certain other adjustments upon closing.

On August 6, 2018, Crosman Corporation announced the name change of its parent entity to Velocity Outdoor to reflect the diverse product portfolio within the corporate umbrella and to highlight its strengths in the broader hunting, shooting and outdoor markets.

Ravin joins the Velocity Outdoor portfolio of leading brands including Crosman and Benjamin Airguns, CenterPoint Archery and Optics, LaserMax, Copperhead and GameFace Airsoft.

Headquartered in Superior, WI, Ravin Crossbows is a leading designer, manufacturer and innovator of crossbows and accessories. Ravin primarily focuses on the higher-end segment of the crossbow market and has developed significant intellectual property related to the advancement of crossbow technology, quickly establishing a reputation as a manufacturer of the industry’s most dependable, durable, accurate and technologically-advanced line of crossbows. For the trailing twelve months ended June 30, 2018, Ravin Crossbows reported net revenue of approximately $46 million. CODI funded the purchase price through a draw on its revolving credit facility.

“We are pleased to have acquired one of the most recognizable brands among crossbow enthusiasts, representing our second accretive add-on acquisition for Velocity Outdoor since acquiring the company in 2017,” stated Elias Sabo, CEO of Compass Diversified Holdings. “Consistent with the add-on acquisition of LaserMax last year, this transaction further expands Velocity Outdoor’s presence in attractive growth markets, creates new cross-selling opportunities for the company and expands its diverse portfolio of brands across retail and dealer channels. As we progress through the year, our strong financial position continues to enable us to identify and pursue acquisitions that build long-term shareholder value and support our ability to provide stable cash distributions.”

Robert Beckwith, CEO of Velocity Outdoor, commented “Ravin is a leading and trusted name in the crossbow industry known for its technologically-advanced, durable and high-end line of products. The acquisition of Ravin positions Velocity Outdoor to more fully capitalize on the sizeable crossbow market, further diversify its customer base and take advantage of the product and market expertise inside of Ravin. The addition of Ravin strengthens our existing offerings in the outdoor recreational market and enhances Velocity Outdoor’s overall growth prospects.”

CODI’s subsidiaries include 5.11, Advanced Circuits, Arnold Magnetic Technologies,Clean Earth, Ergobaby, Foam Fabricators, Liberty Safe, Manitoba Harvest and Sterno Products.