Vista Outdoor to sell eyewear brands—Savage gun-maker business could be next

Vista Outdoor to sell eyewear brands—Savage gun-maker business could be next

Ryan Howard likes Bolle brand sunglasses Vista Outdoor Inc. said Monday it has reached a deal to sell its Bolle, Serengeti and Cebe eyewear brands for expected proceeds of $158 million, to a “significant” European private-equity fund. The move is part of the outdoor sports and recreation company’s plan to narrow its focus on four product categories: Ammunition, shooting and hunting accessories, hydration bottles and packs and outdoor cooking. “We are pleased to have successfully reached an agreement to sell our eyewear and safety business at an attractive price,” said Chief Executive Chris Metz. “We are now turning our efforts to the rest of our divestiture plan as previously communicated in May,” Metz added. The sale of the eyewear brands is expected to be completed within 30 to 45 days. Vista Outdoor’s stock VSTO, -0.21% rose 0.2% in midday trade. It has rallied 27% since closing at a record low of $13.04 on May 7, while the S&P 500 index SPX, +0.88% has gained 4.1% over the same time. Vista Outdoor Inc. On May 1, as Vista reported a wider-than-expected quarterly loss , the company also announced a strategic transformation plan in response to unfavorable market conditions and some “self-inflicted” issues, after President Trump’s election “turned the shooting sports industry upside down” and after the company grew “too fast and beyond its core,” according to a transcript of a call with analysts provided by FactSet. On that call, the company said the first step of the transformation was to […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.