Vista Outdoors has announced the sale of the Bollé, Cébé, Serengeti brands.
Having announced its intention to divest the labels in November, the sale transfers the labels to a significant European private equity fund with gross proceeds expected to tally $158 million.
Back in May, following a damaging boycott movement against Vista in the wake of a Florida School shooting, the parent announced that it would also seek to offload Giro, Bell and Blackburn while the business redoubles its efforts across its ammunition, hunting and shooting divisions. That sale has yet to happen.
“We are pleased to have successfully reached an agreement to sell our eyewear and safety business at an attractive price,” said Chris Metz, CEO of Vista Outdoor. “The business will have the opportunity to reach its full potential under new ownership. 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 expects the sale to assist in repaying outstanding debts on its original purchase from Bushnell in 2013 using net after-tax proceeds.