8/27/08
MidOcean Partners, a leading middle-market private equity fund, and Bushnell Outdoor Products announced today that Bushnell has signed a definitive agreement to acquire Millett Industries in Huntington Beach, Calif. The transaction is expected to close within the next 30 days. The terms of the purchase agreement were not disclosed.
Founded in 1980, Millett Industries began with a line of pistol sights and scope-mounting systems. Since then the company has expanded its product line to include optics and currently offers high-quality sighting solutions for sporting, tactical and law-enforcement applications. The Millett product line includes sights and scope-mounting hardware, riflescopes, red-dot scopes and spotting scopes for hunting and tactical use.
Bushnell Outdoor Products president and CEO Joe Messner noted: "Millett enjoys a strong brand equity and customer loyalty for their rings and bases and their recently expanded line of optics, particularly on the tactical and law-enforcement side of the business, which will complement and strengthen our existing product lines."
David Basto, a Principal at MidOcean Partners, said of the deal: "Bringing Millett Industries into the Bushnell family of brands is a continuation of our goal to grow the company through strategic acquisitions. Bushnell and Millett share a reputation for quality and value with their industry partners and customers."
This was the second acquisition for Bushnell this year. Earlier this summer, the company acquired the assets of Simmons Outdoor Corporation from Meade Instruments.
