Crosman Sold!

[wllm995]

http://hardairmagazine.com/news/crosman ... 2-million/

Latest news is that Crosman has changed hands again. Crosman Corporation sold for $152 Million in a deal that was announced on Monday 5 June.

The new owner is Compass Diversified Holdings , a publicly traded company operating several middle-sized companies.

Under a deal announced Monday, Crosman Corporation sold for $152 million in cash and debt to Compass.

Here’s the full Press Release from Compass…

“WESTPORT, Conn., June 5, 2017 /PRNewswire/ — Compass Diversified Holdings (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced that on June 2, 2017, it entered into an agreement to acquire and consummated the acquisition of Crosman Corporation (“Crosman”).

Crosman is the world’s leading designer, manufacturer and marketer of airguns, archery products, optics and related accessories. Headquartered in East Bloomfield, NY, Crosman serves over 425 customers worldwide, including mass merchants, sporting goods retailers, online channels and distributors serving smaller specialty stores and international markets. The company’s diversified product portfolio includes the widely known Crosman, Benjamin and CenterPoint brands. For the trailing twelve months ended April 30, 2017, Crosman reported net revenue of approximately $118 million .

The acquisition was completed for a purchase price of approximately $152 million (excluding working capital and other customary adjustments). CODI funded the purchase price through available cash on its balance sheet and a draw on its revolving credit facility. CODI’s equity ownership in Crosman as a result of this transaction is approximately 98.9%. Crosman’s management team invested in the transaction alongside CODI. The Company previously owned a majority stake in Crosman and divested the business in 2007.

“Crosman is a market leader with iconic brands and we are pleased to add the company to our family of niche leading businesses with this accretive acquisition,” said Alan Offenberg, CEO of Compass Diversified Holdings. “Crosman’s strategic focus on the airgun and archery markets has enabled the company to generate strong and stable cash flows while entering into an attractive adjacent market with compelling growth prospects. We are excited to draw on our past ownership of Crosman and deep experience with outdoor branded consumer product companies, and look forward to working with the company’s strong management team to solidify Crosman’s leading position in airguns and further penetrate the archery market.”

Mr. Offenberg added, “This transaction, our second platform acquisition in the last nine months, brings the current number of leading niche industrial and branded consumer businesses we own to nine. We expect the acquisition to provide approximately $0.12 per share of cash flow accretion to CODI on a full year basis. Moving ahead, we will continue to take advantage of our financial strength and liquidity to pursue attractive businesses with a reason to exist that will generate growing cash flows and further enhance our ability to provide sizeable cash distributions to our shareholders.”

Compass Diversified Holdings also owns tactical apparel and gear company 5.11 and Liberty safes, among other companies.

[wesb2007]

"Crosman serves over 425 customers worldwide" [SMILING FACE WITH OPEN MOUTH AND TIGHTLY-CLOSED EYES], maybe they don't count the little guys like me with only one crosman gun, lol! I wonder what it takes to join the 425 club! [emoji4]

Sent from my LG-H812 using Tapatalk

[wesb2007]

(Sorry for the distraction from the point, that Crosman was sold, sounds like these guys used to own them before, so at least they should know what they're doing!) maybe they'll come out with some new innovative ideas or copy some of the great projects on these forums!

Sent from my LG-H812 using Tapatalk

[ShurikMur]

...maybe they'll come out with some new innovative ideas or...

Next decade: yet another 2100 in shape of AR15!

[vortex619]

Every Crosman product I've had my hands on so far turned out to be junk. Hopefully some day that will change.

[wheeliehd]

Every Crosman product I've had my hands on so far turned out to be junk. Hopefully some day that will change.

You may feel that way but at least they sell parts in Canada to repair their guns easily. For that reason they get my support. CHEERS!

[Woody]

Every Crosman product I've had my hands on so far turned out to be junk. Hopefully some day that will change.

You may feel that way but at least they sell parts in Canada to repair their guns easily. For that reason they get my support. CHEERS!

Parts support is great. The guns themselves are good, as long as your expectations meet the price. A cheap gun is a cheap gun. Some feel really cheap, like the plastic guns, but others are great value.

[wheeliehd]

Every Crosman product I've had my hands on so far turned out to be junk. Hopefully some day that will change.

You may feel that way but at least they sell parts in Canada to repair their guns easily. For that reason they get my support. CHEERS!

Parts support is great. The guns themselves are good, as long as your expectations meet the price. A cheap gun is a cheap gun. Some feel really cheap, like the plastic guns, but others are great value.

Very elegantly said friend! CHEERS!

[airmec]

I agree too. I consider my Crosman airguns to be a good value for the money, especially when tuned. Sure hope the sale won't affect negatively the quality and future development of new models.

[wllm995]

Crosman Corporation has announced that industry veteran Dave Jenner is joining the company as the Director of Business Development.

Jenner’s responsibilities will include developing, maintaining and growing key customer relationships. He will also be identifying and analyzing new business opportunities. Dave Jenner will report to Steve Upham, the Senior Vice President of Sales.

“Dave Jenner has demonstrated the ability to create and execute forward-thinking sales and organizational leadership strategies to drive revenue and growth within this industry over the past 20 years,”says Upham. “We are excited to have him join our team to help us take our business and customer relationships to the next level.”

Dave Jenner served in executive roles for Maurice Sporting Goods for over a decade and served as a key player in the infusion of new strategic insights that drove the expansion and growth of Maurice Sporting Goods annual revenues while building and maintaining relationships with senior leadership across key customers both nationally and internationally.

“I’m genuinely excited about the opportunity to join a company with such a longstanding favorable reputation for product innovation, quality and customer service,” says Jenner. “I look forward to coming aboard and assisting in the advancement of Crosman’s strategic growth plans.”

[DocGadget]

Every Crosman product I've had my hands on so far turned out to be junk. Hopefully some day that will change.

Maybe you should try the 1701P, 1720t or a Marauder rifle or pistol? Or how about the old 357 they use to make? I still have 2 of them and they're still in good shape. They have great value for the price.
But you probably think a RedRyder is junk too despite having thousands of them still working 20 years after they were made.

[AirGunEric]

Crosman has been sold/bought approximately every 4 years over the last 10-15 years, always by "fund groups" (i.e. corporate accumulators). Seems the entire US sporting goods industry has become prone to this (Bushnell being another good example)- corporate conglomerations ultimately owned by investment funds. This turned out to be somewhat beneficial to consumers with Crosman when the last (second to last?) owners decided to put out some new products (i.e. PCPs and strut rifles), we'll see how the new owners do things...