Vista Outdoor Inc . has entered into a definitive agreement with funds managed by Strategic Value Partners , LLC , and its affiliates ( SVP ), a global alternative investment firm with approximately $ 19 billion of assets under management , to sell Revelyst in an all-cash transaction based on an enterprise value of $ 1.125 billion .

In connection with the SVP transaction , Vista Outdoor also entered into an amendment to the merger agreement with Czechoslovak Group a . s . ( CSG ) to acquire The Kinetic Group , increasing the purchase price for the Kinetic Group to $ 2.225 billion .

Vista Outdoor is the parent company of more than three dozen brands that design , manufacture and market sporting and outdoor products including Bell Helmets , Fox Racing , CamelBak , Bushnell Golf , Foresight Sports , Camp Chef , Giro , Simms Fishing and QuietKat .

The SVP deal is subject to the completion of the CSG transaction . Together , the sale represents an enterprise value of $ 3.35 billion for Vista Outdoor and is estimated to deliver $ 45 per share to Vista Outdoor stockholders .

“ The board has worked tirelessly to deliver maximum value to its stockholders , and we are pleased to have reached this agreement with SVP and CSG , which will help us achieve that objective ,” says Michael Callahan , Vista Outdoor chairman . “ The board engaged in a thorough process to identify the best avenues to unlock value and through these two separate , but contingent , transactions with SVP and CSG , we have identified a path and potential of both Revelyst and The Kinetic Group .”

David Geenberg , head of SVP ’ s North American corporate investment team , says , “ We are strong believers in the Revelyst story and the potential of this business . With a portfolio of diverse , market-leading brands in the outdoor industry , Revelyst has an opportunity to capture market share through its exceptional consumer focus and strengthen its platforms through its operational and supply chain enhancements . We are happy to partner with the strong leadership team at Revelyst to help unlock its full potential with SVP ’ s resources .”

“ We look forward to creating long-term value at The Kinetic Group as part of the CSG portfolio ,” says Michal Strnad , CEO and owner of CSG . “ The Kinetic Group has a deep heritage of delivering high-quality , innovative products and we will provide significant resources , investment and expertise to continue growing the business and serving its customers with leading ammunition products . We are confident CSG ’ s acquisition of the Kinetic Group is the best outcome for Vista Outdoor stockholders , employees of the Company and the American economy .”

The SVP transaction has been unanimously approved by the board and is expected to close by January 2025 , subject to the completion of the CSG transaction , as well as the receipt of necessary regulatory approvals and other customary closing conditions . Vista Outdoor and CSG have received all regulatory approvals required under the merger agreement for the CSG Transaction and are

prepared to close the CSG deal before the end of 2024 . They have mutually agreed to extend the termination date of the CSG merger agreement to December 11 , 2024 . At the closing of the CSG deal , CSG will pay $ 2.225 billion to Vista in which stockholders will receive $ 25.75 in cash per Vista Outdoor share and one share of Revelyst common stock for each share of Vista Outdoor common stock . At the closing of the SVP deal , SVP will pay Revelyst stockholders an aggregate of $ 1.125 billion , representing an estimated $ 19.25 in cash per share of Revelyst common stock .

Vista Outdoor , CSG and SVP have agreed to certain amendments to the separation agreement currently in place to separate the

Minnesota-based Vista Outdoor is the parent company of more than three dozen brands , including Bell Helmets and Fox Racing . Photo courtesy of

Vista Outdoor

Kinetic Group and Revelyst . CSG will no longer invest in Revelyst at the closing of the CSG transaction . J . P . Morgan is acting as sole financial adviser to CSG , and Clifford Chance LLP is acting as legal adviser .

“ We are confident these transactions maximize stockholder value while also pursuing the best path forward for our company , stakeholders and valued employees , says Eric Nyman and Jason Vanderbrink , co-CEOs of Vista , in a memo to employees .”

Upon completing Vista ’ s review , Nyman and Vanderbrink will receive $ 1.2 million in bonuses and four other executives were granted $ 500,000 retention bonuses , according to reports .