Revelyst – a collective of maker brands that design and manufacture performance gear and precision technologies and a segment of Vista Outdoor and Strategic Value Partners (a global alternative investment firm with approximately $19 billion of assets under management) announced that they have entered into an agreement under which SVP-managed funds will acquire Revelyst in an all-cash transaction based on an enterprise value of $1.125 billion.
The deal is expected to close by January 2025, subject to the completion of the $2.225 billion CSG Transaction and the receipt of necessary regulatory approvals and other customary closing conditions.
Revelyst’s category-defining maker brands are known for their meticulous craftsmanship and steadfast obsession with creating products and technologies that support consumers in a wide range of pursuits. And the company’s purpose is to harness this collective expertise and cross-collaboration to pursue new innovations that redefine what is humanly possible in the outdoors. Revelyst’s power brands include Foresight Sports, Bushnell Golf, Fox, Bell, Giro, CamelBak, Bushnell and Simms Fishing.
After consolidating a real estate footprint in the past year, Revelyst operates three platforms: Revelyst Adventure Sports in Irvine, Calif.; Revelyst Outdoor Performance in Bozeman, Mont.; and Revelyst Precision Sports Technology in San Diego. This consolidation was part of the company’s ongoing GEAR Up transformation initiative in which Revelyst is working to unlock its potential by directing resources to meet consumer demand better, synergizing and prioritizing strength in the supply chain, and doubling down on the equity and innovation of the company’s industry-leading brands.
The acquisition by SVP will position Revelyst to continue capitalizing on the increasing demand for outdoor activities and gear. Leveraging Revelyst’s strong market presence and ability to drive long-term growth and profitability, the strategic partnership is expected to allow Revelyst to unlock new opportunities and propel margin expansion across its integrated international house of brands.
Goldman Sachs is acting as sole financial adviser to SVP and Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel.
KEY QUOTES:
“We look forward to working with Eric Nyman and the rest of the team leading this world-class outdoor gear and technology business. For almost a year, we closely followed Revelyst’s progress with this complex transaction. During that time, Revelyst has gained share through a difficult period for consumer spending thanks to the strength of its leadership, its employees and efforts like GEAR UP. With this investment, we plan to put SVP’s full operating resources and network behind Revelyst to help accelerate the success of this market leader.”
-David Geenberg, Head of North American Corporate Investments at SVP
“We are excited to partner with SVP and believe this acquisition is a positive step for Revelyst’s future. As I reflect on the last year, I am incredibly appreciative of our management team, our employees and our maker community for getting us here. We couldn’t have done this without everyone’s contribution. I believe the best is yet to come for Revelyst and for our customers, suppliers and retail partners. This partnership with SVP is going to make us a stronger company and afford us more opportunities to innovate and deliver top-tier products to outdoor enthusiasts while enhancing our market leadership in the outdoor recreation industry.”
-Revelyst CEO Eric Nyman
“The Board has worked tirelessly to deliver maximum value to its stockholders, and we are pleased to have reached this agreement with SVP and CSG which helps us achieve that objective. The Board engaged in a thorough process to identify the best avenues to unlock value – and through these two separate, but contingent, transactions with SVP and CSG, we have identified a path that reflects the true strength and potential of both Revelyst and The Kinetic Group.”
-Michael Callahan, Chairman of the Vista Outdoor Board of Directors
“We are strong believers in the Revelyst story and the potential of this business. With a portfolio of diverse, market-leading brands in the outdoor industry, Revelyst has an unparalleled opportunity to capture market share through its exceptional consumer focus and strengthen its platforms through its operational and supply chain enhancements. We are happy to be partnering with the strong leadership team at Revelyst to help unlock its full potential with SVP’s resources.”
-David Geenberg, Head of SVP’s North American Corporate Investment Team
“We look forward to creating long-term value at The Kinetic Group as part of the CSG portfolio. The Kinetic Group has a deep heritage of delivering high-quality, innovative products and we will provide significant resources, investment and expertise to continue growing the business and serving its customers with leading ammunition products. We are confident CSG’s acquisition of the Kinetic Group is the best outcome for Vista Outdoor stockholders, employees of the Company and the American economy.”
-Michal Strnad, CEO and Owner of CSG
