Funds managed by Strategic Value Partners (SVP), a global alternative investment firm, completed the previously announced acquisition of Revelyst, a collective of brands that design and manufacture performance gear and precision technologies, in an all-cash transaction based on an enterprise value of $1.125 billion.
“We are pleased to complete the transaction with SVP, which provides us with expanded resources to accelerate our GEAR Up transformation, advance our innovation efforts and grow our iconic brands,” Eric Nyman, CEO of Revelyst, said. “We look forward to working with SVP and continue delivering top-tier products to customers while further building our market-leading position in the outdoor recreation industry.”
“We are excited to partner with Eric and the rest of the Revelyst team to drive growth across the company’s diverse, category-defining brands and capture the immense opportunities ahead,” David Geenberg, head of North American corporate investments at SVP, said. “We are strong believers in the strength of the Revelyst portfolio, along with the significant work underway to enhance the company’s platform and operations and drive innovation for customers. We will apply our operating resources and network to help unlock the full potential of Revelyst and propel it to new heights.”
Under the terms of the merger agreement for the SVP Transaction, Revelyst stockholders will receive $20.12 in cash for each share of Revelyst common stock they hold. With the completion of the SVP transaction, Revelyst common stock has ceased trading on the New York Stock Exchange.
Morgan Stanley acted as sole financial adviser to Revelyst, and Cravath, Swaine & Moore acted as legal adviser to Revelyst. Moelis & Company acted as sole financial adviser to the independent directors of Revelyst, and Gibson, Dunn & Crutcher acted as legal adviser to the independent directors of Revelyst.
Goldman Sachs acted as sole financial adviser to SVP, and Paul, Weiss, Rifkind, Wharton & Garrison provided legal counsel. Houlihan Lokey assisted Revelyst and SVP in arranging the financing.
