Vista Outdoor Inc. Finalized Sale of Bolle, Cebe and Serengeti Eyewear Brands
Wednesday, September 5, 2018 12:18 AM
FARMINGTON, Utah—Vista Outdoor Inc.
has announced the completion of the divestiture of the legal entities operating its Bolle, Cebe and Serengeti eyewear brands. “Completing the sale of our Eyewear brands is a positive step in our strategic transformation plan,” said Chris Metz, Vista Outdoor’s chief executive officer. “We believe this is a mutually beneficial arrangement for both parties, and we are excited that the buyer will help these iconic brands thrive.” In November 2017, the company announced its intention to sell the eyewear business as VMAIL reported
In May 2018, Vista Outdoor Inc. announced its transformation plan to explore strategic options for several brands outside of the company’s core markets in ammunition, hunting and shooting accessories, hydration bottles and outdoor cooking products.
As VMAIL reported
in July, the company then announced it had entered into a definitive agreement to sell the eyewear brands to an entity “controlled by a significant European private equity fund.” The company did not identify the fund.
“We are eager to build on the momentum from this sale,” said Metz. “We are hard at work on the next stage of our transformation plan and confident in our ability to put Vista Outdoor on a path for future success.”
Gross proceeds from the divestiture were $158 million. Vista Outdoor's net proceeds from the sale, after certain transaction adjustments and financial advisor fees, were approximately $154 million. The purchase price will be subject to a customary post-closing true-up for working capital and other items, the company stated.
Robert W. Baird & Co. served as transaction and financial advisor and Reed Smith LLP served as legal advisor to Vista Outdoor in connection with the transaction.