Vista Outdoor Inc. has been named a successful bidder in the auction conducted in regards to Remington Outdoor Company, Inc.’s bankruptcy cases pending within the United States Bankruptcy Court for the Northern District of Alabama. Vista Outdoor has announced that it will pay a gross purchase price of USD 81.4 Million for the acquisition of the assets which is subject to customary closing adjustments.
“Remington ammunition and accessories have a storied role in America’s sporting heritage, with a legacy dating back to 1816,” said Chris Metz, Vista Outdoor Chief Executive Officer. “We are excited and honored to add the iconic Remington brand and green box to Vista Outdoor’s portfolio of ammunition brands, and Remington accessories to our portfolio of Hunting and Shooting Accessories. The Remington brand is beloved by hunting and shooting sports enthusiasts everywhere and we look forward to restoring it to greatness by leveraging Vista Outdoor’s scale, manufacturing infrastructure, distribution channels and Centers of Excellence.
“We see a clear path to value creation. With our deep expertise and resources, we can transform Remington’s ammunition and accessories businesses to create a more efficient, profitable and sustainable operation. At the same time, by rescuing the Remington ammunition businesses from bankruptcy, we will protect hundreds of jobs, support wildlife and habitat conservation and ensure that hunting and shooting sports enthusiasts can continue to purchase their favorite ammunition and accessories. We look at this acquisition as a means of better serving millions of consumers with the products they love from one of the country’s original and best-known brands, while furthering Vista Outdoor’s mission of being a powerhouse of passionate outdoor sports and recreation brands,” Metz added.
Vista Outdoor will be utilizing cash on hand and readily available liquidity under its asset-based revolving credit facility to complete this transaction.