Vista Outdoor enters agreement to sell off eyewear brands
By Christen Smith
Vista Outdoor announced an aggressive divestiture strategy to rightsize the company late last year. (Photo: Vista Outdoor/Facebook)
Vista Outdoor announced a definitive agreement for the sale its eyewear brands, the company announced this week.
A private equity firm based in Europe will acquire Bollé, Serengeti and Cébé, generating approximately $158 million for Vista. The news comes nearly eight months after Chief Executive Officer Chris Metz unveiled an aggressive divestiture strategy designed to stabilize the company after years of unchecked growth.
“The business will have the opportunity to reach its full potential under new ownership,” Metz said of the deal. “This divestiture is the first step in our transformation plan and will be the first of several potential asset sales that will significantly reduce Vista Outdoor’s leverage and provide additional resources to for us to reinvest in our core businesses.”
Vista owns 55 companies in firearms, ammunition and shooting accessories, including Savage Arms, Stevens, Federal Premium, Speer and American Eagle. It also holds brands in the outdoor lifestyle market. In the weeks after taking over Vista last year, Metz warned quick, “decisive” action laid ahead in order to turn around double digit earnings losses.
He told investors earlier this year “the company grew too fast and beyond