ATK close to deal with gun accessory maker Bushnell - sources
Found on the gunwire site: http://thegunwire.com/
Exclusive: ATK close to deal with gun accessory maker Bushnell - sources
(Reuters) - Aerospace and defense products supplier Alliant Techsystems Inc is in advanced talks to buy Bushnell Outdoor Products Inc in a deal that could value the gun accessory maker at around $1 billion, two sources familiar with the matter said on Monday.
A deal for Bushnell, owned by private equity firm MidOcean Partners, comes amid pressure on private equity firms to review investments in gun-related companies following the fatal shooting last December of 26 people at a school in Newtown, Connecticut.
The people said, however, that MidOcean's desire to sell Bushnell was not influenced by those considerations.
The people asked not to be identified because the matter is confidential. They cautioned that a deal has not yet been finalized and negotiations could still fall apart.
MidOcean Partners declined to comment, while ATK and Bushnell did not immediately respond to requests for comment.
Bushnell hired Morgan Stanley and Robert W. Baird to shop the company, other people familiar with the matter told Reuters in February.
Founded in 1948, Overland Park, Kansas-based Bushnell makes accessories such as binoculars, telescopes, night vision equipment and GPS devices for sports like hunting and fishing. Its brands include Butler Creek, Final Approach, Hoppe's, Millett, Night Optics, Primos, Simmons, Stoney Point, Tasco and Uncle Mike's.
Freedom Group, whose AR-15-type Bushmaster rifle was used in the Newtown shootings, was put up for sale by its private equity backer Cerberus Capital Management just days after the shootings after coming under investor pressure.
Bushnell was acquired by MidOcean in 2007 from private equity firm Wind Point Partners. Last April, Bushnell acquired Primos Hunting, a hunting products maker.
Interesting ATK also just bought Savage.
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