US ammunition maker Alliant Techsystems to buy Bushnell Group for $985 mn

Alliant Techsystems Inc (ATK), the world's largest ammunition maker, today agreed to buy Bushnell Group Holdings Inc, for $985 million in cash.

New York-based private equity firm MidOcean Partners had acquired Bushnell in 2007.

ATK said that it has secured a $900 million senior secured acquisition financing commitment and will finance the acquisition through a combination of this new financing, borrowings under its existing revolving credit facility, and cash on hand.

Bushnell is a leading provider of outdoor consumer-branded products and has a broad portfolio of high-quality products such as laser rangefinders, trail cameras, riflescopes, binoculars, hunting and shooting sports accessories, and sun, winter and safety eyewear.

The Kansas-based company has a portfolio of 19 outdoor brands including the iconic Bushnell brand and other authentic, heritage names such as Primos, Bollé, Hoppe's, Uncle Mike's, Butler Creek and Serengeti that are sold in more than 90 countries worldwide.

ATK said that the acquisition will expand its product offerings in commercial and security ammunition, sporting arms and accessories.

"The Bushnell acquisition is consistent with ATK's focus on establishing leadership positions in our core markets," said Mark DeYoung, ATK president and CEO.

"This acquisition will broaden our existing capabilities in the commercial shooting sports and expand our portfolio of branded shooting sports products. In addition, this transaction will allow the company to effectively enter new sporting markets in golf, snow skiing and camping,'' he added.

ATK will integrate Bushnell into its Sporting Group within its existing accessories business.

ATK's Sporting Group is a leader in sporting and law enforcement ammunition and shooting accessories. ATK's ammunition brands include Federal Premium, CCI, Fusion, Speer, Estate Cartridge and Blazer.

ATK's accessories brands include Blackhawk, Alliant Powder, RCBS, Champion targets and shooting equipment, Gunslick Pro and Outers gun-care products, and Weaver optics and mounting systems.

In June 2013, ATK had acquired Savage Sports Corporation, adding centerfire and rimfire rifles, shotguns and shooting range systems used for hunting, competitive and recreational shooting to its product offering.

Virginia-based ATK, a 1990 spin-off from Honeywell, is an aerospace, defense, and commercial products company with approximately 14,000 employees and operations in 21 states, Puerto Rico, and internationally.