Andrew Rothman
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http://biz.yahoo.com/prnews/050801/lam075.html?.v=17
Press Release Source: Bushnell Performance Optics, Inc.
Bushnell(R) to Acquire Michaels(R) of Oregon
Monday August 1, 12:27 pm ET
OVERLAND PARK, Kan., Aug. 1 /PRNewswire/ -- Bushnell Performance Optics, Inc., the worldwide leader in sports optics, announced today that it has entered into an agreement to acquire Michaels of Oregon Co., a leading manufacturer of outdoor, hunting, and shooting accessories. This acquisition broadens the Bushnell product offering in the outdoor market with the addition of the Uncle Mike's®, Hoppe's®, Butler Creek®, Stoney Point®, Uncle Mike's Law Enforcement(TM) and Blackwater Gear(TM) brands.
"Michaels is a market leader within the hunting, shooting, and law enforcement product categories and we are excited about how these product lines will complement the Bushnell current offering of premium sports optics products," said Joe Messner, President and CEO of Bushnell Performance Optics. "This should be a seamless transition and we do not expect any disruption to the service both companies provide their customers," added Messner.
"The similar culture of these two companies, along with their leadership positions in the marketplace, make for a perfect match," said Dennis Pixton, President and CEO of Michaels of Oregon.
Bushnell is a privately held company funded by Wind Point Partners, a private equity investment firm. This acquisition is the fifth in the past five years for Bushnell. The Bolle® and Serengeti® premium eyewear brands were acquired in 2001, along with Moonlight night vision products. The Tasco® sports optics brand was added in 2002.
"The addition of Outdoor Accessories to the existing Bushnell product platforms of Sports Optics, Outdoor Technology and Premium Eyewear broadens the scope of our company and allows us to better serve more of our customers' needs," said Messner. "With the acquisition of Michaels, Bushnell will introduce a new corporate name, 'Bushnell Outdoor Products.'"
The parties have signed a definitive purchase agreement and the final transaction is expected to close by the end of August.
Bushnell Performance Optics, Inc., (Bushnellperformanceoptics.com) is a global manufacturer and marketer of branded consumer products. Headquartered in Overland Park, Kansas, the company is a leading supplier of high quality sports optics including binoculars, telescopes, riflescopes, laser rangefinders, night vision, ski goggles, sunglasses and safety glasses marketed under the Bushnell, Tasco, Bolle, and Serengeti brand names.
Michaels of Oregon Co. (Michaelsoforegon.com) is the leading manufacturer of hunting, shooting, and law enforcement accessories. Headquartered in Oregon City, Oregon, the company also has offices in Meridian, Idaho, and New Ulm, Minnesota. Under the brand names Uncle Mike's, Uncle Mike's Law Enforcement, Butler Creek, Hoppe's, Stoney Point and Blackwater Gear, Michaels of Oregon manufactures and distributes holsters, slings, swivels, gun cases, belts, gun cleaning products and other hunting, shooting, military and law enforcement gear.
Source: Bushnell Performance Optics, Inc.
