ANOKA, Minn. (BRAIN) — Vista Outdoor took a major step closer to selling its Revelyst business — including bike industry brands Bell, Giro, Camelbak and Fox Racing — to Strategic Value Partners for $1.125 billion next month.
Last Wednesday, Vista Outdoor announced it had completed the sale of its Kinetic Group business unit, primarily consisting of ammunition brands, to Czechoslovak Group a.s. The sale will award Vista Outdoor stockholders with $25.75 in cash and one share of Revelyst common stock for each share of Vista Outdoor common stock they hold. Shareholders had approved the Kinetic Group sale in a special vote on Nov. 25.
While the Kinetic Group sale had to be approved by shareholders, the sale of Revelyst to SVP does not. However, the Revelyst sale was dependent on the successful completion of the sale of Kinetic Group to CSG.
With that out of the way, Vista Outdoor expects the Revelyst sale to SVP to be closed in January. The deal was first announced in October.
“The closing of the CSG Transaction represents another important step towards unlocking the potential of Revelyst with SVP,” said Revelyst CEO Eric Nyman. “We look forward to delivering significant value to our stockholders through the transaction and benefitting from SVP’s investment and expanded resources as we further our market leading position in the outdoor recreation industry. Until the SVP Transaction closes, we remain focused on advancing our strategic objectives, accelerating our GEAR UP efforts and delivering innovative, top-tier products to outdoor enthusiasts.”
GEAR UP is a Revelyst cost-reduction program that Nyman led.
The sale will take Revelyst private; its stock will no longer be listed on the NYSE, where it has been trading under the GEAR ticker symbol since the completion of the Kinetic Group sale last week.
Revelyst has three business units: Adventure Sports, Outdoor Performance, and Precision Sports & Technology. The bike-related brands Fox Racing, Bell, Giro, CamelBak, QuietKat and Blackburn are all in the Adventure Sports unit. The unit's president is Jeff McGuane, who led Fox Racing before that brand was acquired by Vista Outdoor in 2022 for $540 million.
The Outdoor Performance unit includes Bushnell, Simms, Camp Chef, Stone Glacier and Primos. Precision Sports & Technology includes Foresight Sports and Bushnell Golf.
SVP manages approximately $19 billion in assets and since inception, has invested more than $48 billion of capital, including more than $18 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees across its main offices in Greenwich, Connecticut, London, and Tokyo.
