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Vista Outdoor Enters into Definitive Agreement to Sell Sporting Products Business to Czechoslovak Group for $1.91 Billion

Tuesday, October 17th, 2023

ANOKA, Minn.–(BUSINESS WIRE)– Vista Outdoor Inc. (NYSE: VSTO) (“Vista Outdoor”), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, today announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”) for an enterprise value of $1.91 billion in an all-cash transaction subject to customary closing conditions. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities, which was previously announced on May 5, 2022.

CSG is a leading industrial technology holding company, operating within five strategic business segments, including defense, aerospace, ammunition, mobility and business. CSG is 100% owned and led by Michal Strnad, who has transformed it into a leading Czech industrial group with a strong international footprint. CSG employs more than 10,000 people worldwide and it owns and manages a diverse portfolio of industrial and trade companies across the defense and civil sectors.

“This is an important strategic step for our company in creating value through separating our Outdoor Products and Sporting Products segments,” said Gary McArthur, interim CEO of Vista Outdoor. “The previously announced plan to separate our businesses has positioned us to execute seamlessly on this transaction, which we believe is the best path to maximize value for our stockholders, while better positioning Sporting Products and Outdoor Products for future success.”

“We are confident that CSG is a great home for our leading ammunition brands,” said Jason Vanderbrink, CEO of Sporting Products. “The company is fully committed to our iconic American brands and expanding our legacy of U.S. manufacturing, support for military and law enforcement customers, and investments in conservation and our hunting and shooting heritage. We are excited to work closely with the CSG team as we enter this next phase and position our brands for long-term success.”

Added Michal Strnad, CEO of CSG, “Jason and the Sporting Products leadership team have a strong heritage of delivering high quality products, and we are pleased to welcome them to the CSG family of companies as we partner to support their next chapter. We look forward to building on the company’s success in delivering innovative, quality products and are confident in the long-term value we can create together. We are committed to expanding their legacy of U.S. manufacturing and providing resources to accelerate their growth.”

Transaction Details

The transaction values the Sporting Products business at an enterprise value of $1.91 billion, on a cash-free, debt-free basis with a normalized level of working capital, and is supported by $1.11 billion of fully committed debt financing with the remaining amount funded by CSG. The valuation is approximately 5x enterprise value to Sporting Products FY24 EBITDA, including estimated standalone costs. To effect the transaction, Vista Outdoor will separate its Outdoor Products business from its Sporting Products business, and CSG will merge one of its subsidiaries with Vista Outdoor (holding only the Sporting Products business), with current public stockholders of Vista Outdoor receiving shares of Outdoor Products (recently rebranded as Revelyst) and approximately $750 million in cash in the aggregate. This will be treated as a taxable sale of a stockholder’s Vista Outdoor shares for the Outdoor Products shares and cash consideration they receive in the merger, allowing stockholders to recover tax basis and recognize built-in gain and loss in their Vista Outdoor shares. Relative to a divestiture of Sporting Products as an asset sale, this structure has corporate level tax of approximately $50 million versus approximately $380 million for a divestiture as an asset sale and allows for the tax-efficient return of cash to stockholders.

The transaction is expected to close in calendar year 2024, subject to approval of our stockholders, receipt of necessary regulatory approvals and other customary closing conditions.

Upon closing, Vanderbrink will remain CEO of the Sporting Products business and the U.S. headquarters will remain in Anoka, Minnesota. In connection with the transaction, the company’s approximately 4,000 employees who represent four factories and the consumer brands CCI, Federal, HEVI-Shot, Remington and Speer will continue their heritage of community and conservation support through local and national organizations.

Outdoor Products

Upon completion of the sale of the Sporting Products business to CSG, Vista Outdoor’s Outdoor Products business will become Revelyst, Inc. (“Revelyst”), an independent publicly traded company trading on the New York Stock Exchange under the ticker “GEAR.” Revelyst will leverage meticulous craftsmanship and cross-collaboration across its portfolio of category-defining brands. Brands include Fox, Bell, Giro, CamelBak, Camp Chef, Bushnell, Simms Fishing, Foresight Sports, Bushnell Golf and more. Eric Nyman will continue as CEO of Outdoor Products and become the CEO of Revelyst upon transaction close.

Leadership Update

Joining Vanderbrink on the leadership team at Sporting Products will be Al Kerfeld, CFO; Jeff Ehrich, General Counsel and Corporate Secretary; and Mark Kowalski, Controller and Chief Accounting Officer. Andy Keegan, currently vice president and interim CFO of Vista Outdoor, plans to join Revelyst as CFO.

For full financial disclosure, visit news.vistaoutdoor.com/newsroom/press-releases/press-release-details/2023/Vista-Outdoor-Enters-into-Definitive-Agreement-to-Sell-Sporting-Products-Business-to-Czechoslovak-Group-for-1.91-Billion

Posted in Industry, International, Press Release | 10 Comments »

Sneak Peek – The Belt from LMS Gear

Monday, October 16th, 2023

Coming soon from LMS Gear, THE BELT, handcrafted in good old Germany by @deekaesleatherworkshop.

Posted in Clothing, International | Comments Off on Sneak Peek – The Belt from LMS Gear

NIOA Begins Boxer Ammunition Production

Thursday, October 12th, 2023

NIOA has begun ammunition production for the Army’s next-generation armoured Boxer vehicle, marking a significant milestone for munitions manufacturing in Australia.

The company will produce 40,000 rounds of medium calibre training ammunition at the Commonwealth Government-owned NIOA-operated plant in Benalla, Victoria for the Boxer Combat Reconnaissance Vehicle (CRV) which is being made in Queensland by Rheinmetall.

Minister for Defence Industry Pat Conroy (centre) with GWEO Chief AVM Leon Phillips (left) and members of the NIOA team at the Benalla facility…and (below) the 30mm projectiles coming off the line, bound for testing in the Boxer combat vehicle’s cannon.

It comes as the Minister for Defence Industry, Pat Conroy announced a $220 million investment in munitions production at Benalla and another government-owned contractor-operated (GOCO) factory at Mulwala in regional New South Wales.

Minister Conroy and Guided Weapons and Explosive Ordnance (GWEO) Enterprise Chief AVM Leon Phillips OAM toured NIOA’s Benalla operation last Friday (Eds: October 6) as the first batch of 30mm projectiles was being prepared to roll off the line.

A key recommendation of the Defence Strategic Review was to replenish GWEO stocks and to establish sovereign missile and munition manufacturing facilities in Australia.

“Improving Australia’s ability to manufacture the munitions our defence force needs is not only critical to meeting the strategic challenges we face as a nation, it will also support local industry and well-paid, skilled local jobs,” Minister Conroy said.

“The Mulwala and Benalla munition factories underpin Australia’s ability to develop critical propellants, explosives and munitions for the Australian Defence Force.”

NIOA Australia and New Zealand CEO Ben James welcomed the Government’s investment in domestic munitions production.

“This will further support Australia’s growing defence industrial base and comes at an exciting time as we ramp up production of the Boxer ammunition at Benalla,” he said.

“NIOA’s $12m investment at Benalla reflects our commitment to work with Government and Defence in delivering sovereign capability and local jobs.

“We have a highly qualified and professional team at Benalla who have worked exceptionally hard to reach this key milestone in sovereign munitions manufacture.”

The NIOA tenancy at Benalla maintains the Commonwealth’s capabilities for the manufacture of primary energetics, pyrotechnics, medium calibre, mortar and tank ammunition, hand grenades, fuzes, primers, along with various laboratory test facilities.

The company recently completed work recapitalising 120mm tank ammunition for the Australian Army’s M1A1 Abrams tank fleet.

www.nioa.com.au

Posted in Ammo, Industry, International, Press Release | Comments Off on NIOA Begins Boxer Ammunition Production

AUSA 23 – DNS Alpha Vapor Barrier Sock System

Wednesday, October 11th, 2023

DNS Alpha exhibited with Mountain Horse Solutions which is a division of Global Ordnance. In addition to their clothing systems, they showed us their Vapor Barrier Sock system which was recently adopted by a NATO SOF unit.

It comes in 6 sizes with the VBL made from silicon treated 30D nylon and fully taped. The liner sock is manufactured by CEP from Merino wool.

Posted in AUSA, Clothing, International, Mountaineering | 2 Comments »

Second Call-Off from Rheinmetall Framework Contract: Bundeswehr Orders Artillery Ammunition

Tuesday, October 10th, 2023

Rheinmetall has booked a major order for 155mm artillery ammunition following a second call-off under an existing framework order with the German government. The latter has contracted with the Düsseldorf-based tech group to supply the Ukrainian armed forces with tens of thousands of L15 rounds as well as conventional 155mm Assegai shells for the German military. The order is worth a figure in the lower three-digit million-euro range. Delivery is scheduled to take place in 2024.

As recently as July 2023, Rheinmetall announced the signing of a new framework agreement for artillery ammunition with the Bundeswehr and the expansion of an existing agreement. The contracts encompass the delivery of several hundred thousand shells, fuses and propelling charges.

The war in Ukraine has compelled the armed forces of numerous nations to replenish their ammunition stocks. In this context, Rheinmetall has already booked several large orders for artillery ammunition.

The recently concluded framework agreement for 155mm artillery ammunition runs until 2029 and represents gross potential order volume of around €1.2 billion. The first orders of service and practice ammunition came directly after the contract was signed.

Among other products, Rheinmetall’s family of artillery ammunition includes the high-explosive DM121 shell, the DM125 smoke/obscurant projectile and (jointly developed with Diehl) the DM702 SMArt sensor fuse munition, plus the RH68 practice round and the range-optimized RH1901 an RH1902 smoke/obscurant projectiles.

The Group’s portfolio also includes the versatile 155mm Assegai family from Rheinmetall Denel Munition, which encompasses insensitive ammunition and conventional HE shells as well as smoke/obscurant, illumination, infrared illumination and other projectiles. All Assegai artillery ammunition types have a maximum range of approximately 40 kilometres. Under the latest framework agreement, the tried-and-tested Assegai ammunition family will now be entering service with the Bundeswehr.

Posted in Ammo, Contracts, International, Press Release | Comments Off on Second Call-Off from Rheinmetall Framework Contract: Bundeswehr Orders Artillery Ammunition

Spectra Group’s Award-Winning SlingShot Satcom System Selected for Project Capstone 4

Monday, October 9th, 2023

Spectra Group, a specialist provider of secure voice, data and satellite communications systems, in partnership with Inmarsat, has been selected to support Project Capstone 4 (Army Futures Command’s premier integration and experimentation exercise in 2024) with their award-winning SlingShot satellite communications system. Spectra Group has a strong pedigree of successfully supporting previous command and control innovation and integration demonstrations for the USDOD and USSOCOM, the Army Maneuver Battle Lab (AEWE 2019) and the Fires Battle Lab (MFIX 2022).

SlingShot is a compact and user-friendly tactical radio range extension system designed to enhance Beyond Line Of Sight (BLOS) Communications On The Move (COTM) C2 (Command and Control) communications. This innovative system effortlessly enables in-service Ultra High Frequency (UHF) and Very High Frequency (VHF) radios to utilise L-Band satellite frequencies, extending their reach over thousands of kilometers. A standout feature of SlingShot is its intuitive plug-and-play capability, making it a reliable choice for both stationary and mobile setups. It serves as a direct augmentation to existing tactical radios. When paired with the Inmarsat L-TAC service, SlingShot significantly expands its user base and coverage, enabling the immediate transmission of voice, data and specialized military applications, such as artillery coordination and situational awareness, across vast distances.

Project Capstone leads the integration of all the domains that the US Army is dependent on — air, land, sea, space, cyberspace adopting a truly multi-domain/multi-national approach, while at the same time looking at concepts for the future. The Network Cross Functional Team (N-CFT) acknowledges that as national armies operate in multinational coalitions during future expeditionary operations, integration and interoperability of communications is paramount to ensuring battlefield success. Therefore, the N-CFT hosts foreign liaison officers from the armies of two close allies, the U.K. and Australia, to help shepherd information interoperability initiatives, concepts and goals and Spectra Group from the UK has been selected to support this project.

SlingShot plays a pivotal role in advancing interoperability among forces. By bridging communication gaps and ensuring seamless integration between different communication systems and networks, SlingShot fosters collaboration and coordination among diverse military units and allies. For broader connectivity, SlingShot can adeptly link the L-TAC networks to major, distant headquarters worldwide using cutting-edge digital RF-Over-IP technology. With a commendable track record, marked by over 7,000 units actively utilised by both specialised and regular forces globally, SlingShot has proven its mettle in the most challenging environments and diverse locales.

Pat Gallagher, General Manager Spectra Group (US) said: “SlingShot has a fantastic operational record with USSOCOM and is the perfect system to support AFC’s communication innovation and integration experiments as it can be added to any existing or future capability. When combined with the Inmarsat L-TAC service, SlingShot delivers the ultimate interoperability for secure voice, data and applications at scale for operations anywhere in the world.”

Posted in Army, Comms, International, Press Release, SOF | Comments Off on Spectra Group’s Award-Winning SlingShot Satcom System Selected for Project Capstone 4

Quaze Technologies Bring Wireless Power Transfer Technology to the US Defense Sector at AUSA 23

Monday, October 9th, 2023

Quaze Technologies, a Canada-based innovative technology company and the creator of wide-surface wireless power transfer, is introducing their revolutionary autonomous wireless power transfer capabilities to the US defense sector at AUSA 23. Quaze will have a senior team on the ground at AUSA in Washington DC and can arrange meetings to demonstrate their ground-breaking technology, on request. Quaze are interested in reaching out to the research and development agencies across the US DoD as well as sparking interest in the wider US user community, regarding their unique wireless charging technology.

This US announcement follows on from DSEI in September where the Quaze concept demonstrator remote charging solution, named Drone Swarm Tactical OverWatch (DSTOW™), was featured as part of Rheinmentall’s innovation portfolio. The Quaze DSTOW was displayed on the Mission Master SP autonomous unmanned ground vehicle. It was active and wirelessly recharged 3 Parrot ANAFI USA drones.

The DSTOW addresses a critical need in the world of drone operations, enabling the continuous aerial support of tethered drones with the flexibility and freedom of untethered flights. With just one Quaze DSTOW, drones of any make or model can charge wirelessly and simultaneously, ensuring reliable charging even in the most hostile environments. This reduces the constraints associated with battery levels, connecting charging cables, or swapping batteries. It’s seamless, efficient, and paves the way for autonomous and uninterrupted drone missions. The DSTOW’s versatility extends across platforms and applications. Whether mounted on various vehicles or employed in static operations, such as mobile command centers, the DSTOW remains a dynamic solution. Its adaptable form factor accommodates UAVs of all sizes and seamlessly integrates onto diverse platforms, ensuring the readiness of drones for extended missions or remote swarm operations.

Quaze’s Surface Power Technology revolutionises the way devices are powered, enabling easy and reliable wireless charging for remote or autonomous devices on land, sea or air. Powered by magnetic resonance this technology offers a safe, secure and seamless solution to efficiently charge multiple devices with variable power demands across a wide platform surface area.

Quaze remote charging surfaces are scalable to suit various demands and the potential applications in defense are vast, by freeing technology from the constraints of cables and redefining how electronic systems access power. Quaze have designed and developed their solid state volumetric technology to be compliant with relevant Electromagnetic Interference (EMI) and Electromagnetic Compatibility (EMC) standards.

Xavier Bidaut, CEO at Quaze Technologies said. “We were overwhelmed by the amount of interest shown in our technology when we introduced our DSTOW to the European defense sector at DSEi. He added:

“Together with Rheinmetall we have already showcased one particular charging application. However, there are many more potential applications being developed and as interest grows across the defense environment, more and more applications are becoming apparent.”

Posted in AUSA, International, Power, Press Release | Comments Off on Quaze Technologies Bring Wireless Power Transfer Technology to the US Defense Sector at AUSA 23

Helikon-Tex Guardian Plate Carrier Sets

Sunday, October 8th, 2023

Helikon-Tex has released pre-built sets for their Guardian Plate Carrier.

Serving as a great basic set up, so far they offer vests configured for military or LE use.

The military set consists of a Guardian Plate Carrier, Guardian Cummerbund, and
Guardian Flap.

The LE version includes the vest and cummerbund as well as a Guardian Kangaroo Flap and Law Enforcement Insert.

In addition to a full range of dedicated pouches, the Guardian Plate Carrier is also designed to be compatible with their Competition series of pouches.

Offered in multiple colors. Get yours at www.helikon-tex.com/pl_pln/modulowa-kamizelka-typu-plate-carrier-na-oporzadzenie-taktyczne.

Posted in Armor, International | 4 Comments »