Vista Outdoor to Acquire Simms Fishing Products for USD 192m.
MANews-(C)2009-2022
Minnesota, US-based sporting and outdoor products manufacturer Vista Outdoor Inc. (NYSE: VSTO) has acquired Montana-based fishing brand Simms Fishing Products for USD 192.5m, the company said.
The gross purchase price includes a net present value of roughly USD 20m in future tax benefits. Simms grew net sales by a compound annual growth rate of approximately 15% from calendar year 2019 to 2021 and is expected to grow in excess of that in calendar year 2022.
Vista Outdoor expects to finance this acquisition via an existing ABL credit facility. Vista Outdoor expects to close the transaction in the second fiscal quarter of FY 2023, subject to the receipt of regulatory approvals and other customary closing conditions.
Following the closing of this transaction, Vista Outdoor's leverage ratio is expected to be approximately 1.6 times, well within its target leverage ratio of one to two...
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