OVERLAND PARK, Kan., June 13 KN-MidOceanAcquire
OVERLAND PARK, Kan., June 13 /PRNewswire/ -- MidOcean Partners, a leading
middle market private equity fund, and Bushnell Outdoor Products, the
worldwide leader in sports optics, premium eyewear, and outdoor accessories
for 60 years, announced today that its portfolio company Bushnell has acquired
the Simmons(R) brand and certain other assets of Simmons Outdoor Corporation
from Meade Instruments Corp., (Nasdaq: MEAD) a California based publicly
traded company.
Simmons is a provider of high quality, innovative optical products. The
acquisition includes a complete line of riflescopes and binoculars, as well as
spotting scopes.
This acquisition continues the expansion of the family of outdoor brands
under the Bushnell Outdoor Products umbrella. Since 1983 Simmons has provided
the hunter and sportsmen performance and long-lasting value led by the Master
Series(TM) line of riflescopes. For the hunter and the sports fan the Simmon's
ProSport(R) compact and full size line of binoculars provides fully coated
optics with edge-to-edge clarity.
"The Simmons line of optical products provides a strategic asset and a
valuable brand to our company," said Joe Messner, President and CEO of
Bushnell Outdoor Products. "We want to continue to provide value and service
to the loyal Simmons customers and consumers that they have grown to expect
over the past 30 years," added Messner.
"Acquisition of the Simmons line is consistent with MidOcean's strategy of
expanding the Bushnell platform through select strategic acquisitions," said
David Basto, a Principal at MidOcean Partners. "Our goal is to identify
attractive brands which we can improve by leveraging Bushnell's strong
distribution channel and management expertise."
The parties signed a definitive purchase agreement and the transaction
closed on June 12, 2008.
This marks the seventh acquisition Bushnell has made since 2001. The most
recent was the purchase of the Kolpin(R) and Final Approach(R) brands in 2007.
Prior to that, Michael's of Oregon in 2005 with the addition of the Uncle
Mike's(R), Hoppe's(R), Butler Creek(R), Stoney Point(R), Uncle Mike's Law
Enforcement(R) brands. The Tasco(R) sports optics brand was added in 2002 and
Bolle(R) and Serengeti(R) premium eyewear brands were acquired in 2001, along
with Moonlight night vision products.
About Bushnell
Bushnell is a privately held company funded by MidOcean Partners, a
private equity firm with offices in New York and London. Bushnell Outdoor
Products is a global manufacturer and marketer of branded consumer products
based in Overland Park, Kansas. Bushnell Outdoor Products sells its products
worldwide under the Bushnell(R), Tasco(R), Serengeti(R), Bolle(R), Uncle
Mike's(R), Stoney Point(R), Hoppe's(R), Kolpin(R), Final Approach(R) and
Butler Creek(R) brand names. For information about any of these brands or
products, please contact Bushnell Public Relations at (913) 752-6105.
About MidOcean
MidOcean Partners is a premier private equity firm focused on the middle
market. MidOcean is committed to investing in high quality companies with
stable market positions and multiple opportunities for growth. MidOcean
utilizes a broad foundation of expertise in its focus industries and its
transatlantic platform to create value for its investors and partners. For
more information about MidOcean Partners, please visit
www.midoceanpartners.com.
Jen Messelt - for Bushnell Outdoor Products
(913) 752-6105 / jmesselt@bushnell.com
Chris Tofalli - for MidOcean Partners
(914) 834-4334
SOURCE MidOcean Partners
