Archive for the ‘Industry’ Category

Smith & Wesson to Acquire Crimson Trace Corporation

Tuesday, July 26th, 2016

-Acquisition of Market Leader Provides Established Platform for Electro-Optics Business
-Smith & Wesson Establishes Fourth Division
-Closing Expected August 2016

SPRINGFIELD, Mass., July 25, 2016 — Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leading manufacturer of firearms and a provider of quality accessory products for the shooting, hunting, and rugged outdoor enthusiast, today announced that it has signed a definitive agreement to acquire Crimson Trace Corporation (Crimson Trace), the industry leader in laser sighting systems and tactical lighting for firearms, for $95.0 million, subject to certain adjustments, utilizing cash on hand.

Crimson Trace has long been a key supplier of laser sighting systems for Smith & Wesson. For more than two decades, Crimson Trace has provided consumers, military units, and law enforcement officers around the globe with the world’s largest selection of award-winning laser sight and tactical light products. Crimson Trace offers more than 225 products and is widely recognized as the world’s leading brand of laser sights for firearms. Its award-winning innovations include the Lasergrips®, Laserguard®, and Rail Master® platforms. The company’s product line also includes the Defender Series®, Lightguard®, and its new LiNQ™ wireless activation system. Based in Wilsonville, Oregon, Crimson Trace operates from a 50,000 square foot , leased facility where it engineers and manufactures its products.

Crimson Trace was founded 22 years ago and has organically generated a ten year compound annual revenue growth rate in excess of 10%. The company maintains a product development team that has an established track record of launching high-quality, innovative laser sighting products. As a result, its products maintain a premium position with hundreds of independent retailers as well as large sporting goods retailers, including Cabela’s, MidwayUSA, Nation’s Best Sports, and internet retailer Optics Planet, Inc.

James Debney, Smith & Wesson President and Chief Executive Officer, said, “Crimson Trace provides us with an exceptional opportunity to acquire a thriving company that is completely aligned with our strategy to become a leader in the market for shooting, hunting, and rugged outdoor enthusiasts. As the undisputed leader in the market for laser sighting products, Crimson Trace serves as an ideal platform for our new Electro-Optics Division. Firearms purchasers frequently buy electro-optic accessories to enhance the capabilities and performance of their firearms. The growth that Crimson Trace has delivered is a testament to the high product quality and the robust product development capability that Lane Tobiassen, President and Chief Executive Officer of Crimson Trace, and his team have established. That capability, combined with Crimson Trace’s leadership position in the market for laser sights, provides a solid framework for organic and inorganic growth.”

Lane Tobiassen, who joined Crimson Trace in 2005, will serve as President of the new Electro-Optics Division of Smith & Wesson, and will report directly to Debney. The Crimson Trace management team and workforce, as well as its base of operations, will remain in Wilsonville, Oregon after the acquisition.

Tobiassen said, “It is a great honor to lead Crimson Trace into this exciting new chapter in our history by joining the Smith & Wesson team. Since 1994, we have designed and brought to market more than 225 products, all of which reflect the passion, dedication, and spirit of innovation of our design engineers, production workforce, customer service representatives, and marketing and sales professionals. As the new Electro-Optics Division of Smith & Wesson, we believe that our capabilities, combined with inorganic opportunities to acquire related technologies, will expand the reach of our existing market footprint. This makes us a great fit for Smith & Wesson, a legendary company with an iconic brand, world-class products, and markets that include consumer, law enforcement, and international channels. We look forward to offering consumers exceptional performance from two of the industry’s most trusted names.”

Smith & Wesson will purchase all of the outstanding stock of Crimson Trace for $95.0 million, using existing cash balances. Crimson Trace is being acquired from Crimson Trace Holdings, LLC, which is owned by private equity firms Peninsula Capital Partners, LLC and VergePointe Capital, LLC; Lewis Danielson, the founder and Chairman of the Board of Crimson Trace; a small group of minority members; and certain members of management.

Jeffrey D. Buchanan, Executive Vice President and Chief Financial Officer of Smith & Wesson, stated, “As a result of our strong balance sheet, we intend to complete the purchase of Crimson Trace with cash on hand and we expect the transaction to close in three to six weeks. After the closing date, we expect the acquisition to be accretive to Smith & Wesson’s earnings per share in fiscal 2017. Due to its anticipated timing, the transaction is expected to have no impact on Smith & Wesson’s operational and financial results for the fiscal 2017 first quarter ending July 31, 2016. As of the date of signing, Crimson Trace’s trailing 12 month revenue was approximately $44.0 million, of which approximately 25% was revenue from Smith & Wesson and would be excluded from our consolidated revenue. The purchase price represents an estimated multiple of approximately 5.9x the trailing 12 month adjusted EBITDAS of Crimson Trace. We look forward to providing additional details following the close of the transaction.”

Cowen and Company, LLC is acting as exclusive financial advisor and Greenberg Traurig, LLP is acting as legal advisor to Smith & Wesson and its Board of Directors. Robert W. Baird & Co. is acting as exclusive financial advisor and K&L Gates LLP is acting as legal advisor to Crimson Trace and its owners.

Jeff Gonzales Named Director of Training for The Range at Austin

Monday, July 25th, 2016

Decorated US Navy SEAL and renowned instructor joins premier shooting facility.

AUSTIN, TX – The Range at Austin is pleased to announce the hiring of Jeff Gonzales. Jeff will serve as Director of Training for the facility’s instructional and educational courses. Jeff will bring his years of experience, lessons learned and NSW mindset to The Range at Austin and its education programs. He will oversee a diverse curriculum ranging from firearm safety classes to concealed handgun certification and advanced tactical training.

Jeff is a decorated and respected U.S. Navy SEAL who served as an operator and instructor participating in numerous combat operations around the world. Jeff serves as President to Trident Concepts, a Texas-based company specializing in personal protection tactics, techniques and procedures for armed and unarmed conflicts. “I’m extremely excited to take the helm at this amazing facility,” stated Jeff. “I look forward to the challenges of firearms training and education.”

“Jeff will be a tremendous asset to The Range at Austin, designing and implementing exceptional curriculum and education courses for our customers in Texas and beyond,” stated Grant Shaw, Managing Partner for The Range at Austin. “Jeff will be hard at work in the coming weeks developing a training and education program unmatched by most facilities.”

The facility is scheduled to open in fall of 2016.

Ray Dennis Group Acquires Horus Vision

Saturday, July 23rd, 2016

Lewiston, ID – 07/19/2016 – The Ray Dennis Group of Companies today announces that it has acquired the business of Horus Vision. Dr. Dennis is delighted to add the legendary product offerings of the Horus Vision portfolio under a new business known as Horus Vision Reticle Technologies. This company joins his Group of Companies also encompassing Nightforce Optics, Lightforce Performance Lighting, Ace Precision Rifle Systems, ForceOutdoors and Paroo Pastoral Company.   

“The addition of Horus Visions’ technical achievements and revolutionary reticle patterns to our portfolio of companies opens up a new level of opportunity in the development of advanced ballistic programming” said Dr. Dennis. “The acquisition comes at an exciting time for the group and we look forward to the future global opportunities offered by this acquisition” added Group General Manager Monika Leniger-Sherratt. The Ray Dennis Group continues to innovate and deliver high quality precision products serving the military, government, law enforcement, competition, hunting and sporting markets.

Federal Judge Dismisses Fireclean vs Tuohy Based On Jurisdictional Issues

Friday, July 22nd, 2016

We’ve just received word that United States District Court Judge James C. Cacheris issued an order dismissing Fireclean v. Tuohy for defamation, based on personal jurisdiction. Fireclean failed to satisfy the court that the case should be tried in Virginia when Touhy and his Vuurwapen Blog are physically located in Arizona. This also dismisses the case against Everett Baker who is from New Hampshire. This is an interesting precedent for web based writers in particular, who could previously be sued in another state for their writing.

Now, we get to see if Fireclean will pursue the case in Arizona, and perhaps New Hampshire as well. In Arizona the question of corporate personhood is more straight forward and Fireclean may only have to demonstrate negligence rather than malice as well as negligence.

UPDATE: At least he’s consistent. Tuohy even misleads about this. Rather than just telling people why the case was dismissed (jurisdiction), he’s got people believing that the case was dismissed because the Judge said the case had no merit.

Remington Announces New Worldwide Distribution Center

Friday, July 22nd, 2016

Madison, NC — Remington Outdoor Company (ROC) announces the July 25, 2016, opening of its new worldwide distribution center in Southaven, Mississippi.

The Southaven distribution center is a model for others with exceptionally strong management capabilities, extensive logistics and transportation infrastructure, key geographic proximity and the full support of the community from local elected officials, to city and county management, to the local workforce that will lead this operation in world class fashion.

“We are looking forward to a great partnership with the state of Mississippi and the wonderful community of Southaven,” said ROC CEO Jim (“Marco”) Marcotuli. “Specifically, I would like to thank the Desoto County and Southaven Economic and Planning Development Offices, Southaven City Officials, Proventure Real Estate, Ozburn Hessey Logistics (OHL/MHR), , Colliers International and also Panattoni Development Company for their hard work and dedication, without which this crucial investment would not have occurred.”

FLIR Systems Acquires Armasight, Inc

Tuesday, July 12th, 2016

Last month, FLIR Systems, makers of a wide variety of infra-red optical systems has spent $41 Million in cash to purchase San Francisco-based Armasight, Inc. Its a good fit for FLIR because Armasight develops and distributes a wide range of rifle scopes, spotting scopes, binoculars, goggles, and illuminating tools and will complement FLIR’s Personal Vision Systems and Thermal Weapon Sights. The combined business line will be named FLIR Outdoor and Tactical Systems and will be reported within FLIR’s Surveillance segment.

“The addition of Armasight to our existing scopes and sights business provides us with meaningful additional scale and injects additional market expertise to better serve the growing hunting and military scopes markets,” said Andy Teich, President and CEO of FLIR. “We are pleased to welcome this talented team in further leveraging FLIR’s established channels into global military and law enforcement customers, as well as utilize our advanced thermal sensor development and vertically-integrated production capabilities to advance their products and reduce costs.”

The Demise Of Alias Training & Security Services

Monday, July 11th, 2016

Late Sunday night, several well known tactical trainers announced they were cutting ties with Alias Training & Security Services.  Mike Pannone posted an announcement on Facebook which included other Alias instructors Pat McNamara, Jeff Gonzales and Craig Douglas, stating all were moving on.  Additionally, Larry Vickers announced a move to the newly formed Aztec Training Services.

While full details are still unclear, the moves appear to be financially motivated. Jeff Gonzales sent out a newsletter under under his company Trident Concepts which spelled some of the issues out.

Mike Pannone added some details:

Alias confimed that they were closing their doors in this statement:

It is with a heavy heart that we must announce that as of Monday July 11, 2016 Alias Training & Security Services, LLC will be closing its doors. An ongoing dispute with our merchant services financial company has made things untenable. Our apologies to all affected students, instructors, etc. To all students of upcoming classes please expect an email early this week to explain the situation in more detail.

Again our most sincere apologies,

Alias Staff

Current Alias students should look for an email and watch the Alias Facebook pagefor updates. However, Larry Vickers has stated that he will honor any downpayments to Alias for his classes. Contact LAV for details.

Nous Defions and SOTech Announce Collaboration 

Thursday, July 7th, 2016

Nous Defions was founded by a Special Forces NCO whose passion led him to the intersection of the sporting and tactical worlds. The Nous Defions Jiu Jitsu product line is centered around the Jiu Jitsu Clubs that have grown in the SOF community. The competitive drive of the SOF operator draws many to hone their close combatives skills in the Jiu Jitsu dojo. Holding true to the standards of SOF Warriors, he decided that Nous Defions products would be of the highest quality and 100% American made. Having just completed his first run of American made Jiu Jitsu gis, Nous Defions embarked on a competitors pack. Nous Defions decided to contract S.O.Tech /Special Operations Technologies Inc for production because of their 20 years of fabricating custom designed nylon tactical gear for SOF units.

True to SOF innovativeness, the bag is designed to convert with an expandable compartment from a backpack into a shoulder duffel bag. The bag is made of military grade nylon and the interior is blaze orange for identification of contents and Velcro lined for affixing accessory pouches. Whether running to the dojo for a workout or going TDY for a match with a couple days of supplies, this bag is well thought out.

Nous Defions also sponsors a number of veteran based charitable foundations including the We Defy Foundation, Warrior Heart, Elder Heart and Mission22.