Vista Outdoor Inc.
VSTO,
said Monday it has reached an agreement to sell its sporting products business to Czechoslovak Group a.s. (CSG) . in an all-cash deal valued at $1.91 billion. The company said the deal is the next part of its plan to separate into two entities. Its outdoor products business, which was recently renamed Revelyst, will become a standalone public company as soon as the deal closes. The deal is supported by $1.1 billion of fully committed debt financing with the remaining sum to be funded by CSG. The deal is expected to close in 2024. The company’s roughly 4,000 employees representing four factories and the consumer brands CCI, Federal, HEVI-Shot, Remington and Speer will remain. CSG is fully owned and led by Michal Strnad, who has built it into an international player with more than 10,000 people and a diverse portfolio of industrial and trade companies across the defense and civil sectors. Vista Outdoors’ stock was halted premarket for the news.
