(PRESS RELEASE) FARMINGTON, UT – Vista Outdoor Inc. (NYSE: VSTO) announced that it has completed the divestiture of the legal entities operating its Bollé, Cébé and Serengeti brands.
“Completing the sale of our Eyewear brands is a positive step in our strategic transformation plan,” said Chris Metz, Vista Outdoor’s CEO. “We believe this is a mutually beneficial arrangement for both parties, and we are excited that the buyer will help these iconic brands thrive.”
Vista Outdoor announced its intention sell the Eyewear business in November 2017. In May 2018, the company announced its transformation plan to explore strategic options for several brands outside of the company’s core markets of ammunition, hunting and shooting accessories, hydration bottles and packs, and outdoor cooking products. In July, the company announced it had entered into a definitive agreement to sell the eyewear brands to an entity controlled by a significant European private equity fund.
Gross proceeds from the divestiture were $158 million. Vista Outdoor's net proceeds from the sale, after certain transaction adjustments and financial adviser fees, were approximately $154 million. The purchase price will be subject to a customary post-closing true-up for working capital and other items.
“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.”
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.