ANOKA, Minn. (BRAIN) — Vista Outdoor will consider selling the Revelyst division that includes its bicycle-related brands as its board of directors begins a review of "strategic alternatives."
The Czechoslovak Group (CSG) and other partners are potential buyers. CSG previously announced a deal to acquire Vista Outdoor's The Kinetic Group, an ammunition and shooting sports business, for $1.91 billion. Vista Outdoor said it is still reviewing spinning off Revelyst into a separate publicly traded company.
Brands in the Revelyst division include Bell, Giro, Fox Racing, Blackburn, QuietKat, and CamelBak.
The board, which rejected an unsolicited acquisition offer in February by MNC Capital to acquire Vista Outdoor, said it would seek a higher bid from MNC. The initial offer was to buy the company for $35 per share, worth about $2.9 billion.
A stockholders meeting is planned for Sept. 13, when the board will recommend approving CSG's purchase of The Kinetic Group.
"We recognize the continuing support received from many of our stockholders for the CSG transaction and the feedback from some of our stockholders with respect to other strategic alternatives," said Mike Callahan, board chairman. "We take the views of our stockholders very seriously and believe it is prudent to evaluate all strategic alternatives. In addition to engaging with CSG and MNC and its private equity partner, we also look forward to reviewing any other strategic alternative for Vista Outdoor that would maximize value for stockholders. While we conduct this strategic review, we remain as focused as ever on delivering high-quality, innovative products for our consumers around the world."
In February, Revelyst, announced the closing of offices in four communities as it consolidated its related brands into three groups while reducing its workforce. It said offices in Petaluma, California; Overland Park, Kansas; Eagle, Colorado; and Madison, Mississippi, would close. QuietKat, the e-bike brand that Vista Outdoor acquired in 2021, is based in Eagle; CamelBak is based in Petaluma; Bushnell is based in Overland Park; and Primos Hunting is based in Madison.
