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Shooting Industry January 2012 Digital Edition - Page 22
Industry news S&W Retains Advisor, Reduces Credit Facility mith & Wesson Holding Corp. announced in early November that, in connection with its previously announced decision to divest its perimeter security division, it has retained Wedbush Securities to act as its exclusive advisor to sell the division. “Smith & Wesson Security Solutions had revenue of just over $50 million in its fiscal year ending April 30, 2011. It remains an ongoing business, with a number of highly regarded proprietary technologies. We believe its strengths would be maximized as an independent company, or as part of a group of companies, focused entirely on the security solutions market,” said Jeffrey Buchanan, S&W executive VP and CFO. Smith & Wesson Holding also announced it has taken steps to reduce the size of its existing credit facility with TD Bank, N.A., and Sovereign Bank. Amendments to the credit agreement include a reduction in the revolving commitment from $115 million to $55 million. “We initiated this effort with our bank because we do not have an active acquisition program at this time, and we believe the modified borrowing capacity will provide us with adequate resources for the foreseeable future as we focus our efforts on our core firearm business. In addition, this reduction will reduce the commitment fees payable under the Credit Agreement, an action that supports our objective to reduce our overall costs,” Buchanan said. For more information, visit www.smith-wesson.com. S Wiley X Partners With Paralyzed Veterans W iley X has added the U.S. Handcycling Series to the competitions it sponsors for the Paralyzed Veterans of America (PVA) — the National Bass Tour and the National Trapshoot Circuit. “As a veteran-owned company, we have immense respect for these soldiers who have made such a sacrifice for their country,” said Myles Freeman, Jr., Wiley X co-owner. “These are world-class athletes who have overcome challenges most of us can’t even fathom. It’s our honor to support their efforts and reward their accomplishments on the water, on the range and on the road. This is why we expanded our involvement during the 2011 PVA season to include the U.S. Handcycling Series.” Wiley X is providing its state-of-the-art, road-ready vision protection to race personnel and top competitors. The cycling competitions take place across the country, including at many world-renowned marathons, such as the New York City Marathon. For more information, visit www.wileyx.com. For more information on PVA, visit www.pva.org. Maurice Sporting Goods Acquires Distributors M aurice Sporting Goods Inc. has acquired Redl Sports Distributors Ltd., located in Burnaby, British Columbia, Canada, as part of its long-term commitment to the Canadian marketplace. The terms of the transaction were not disclosed. Maurice Sporting Goods Inc. is a family-owned wholesaler serving mass retailers and independent dealers throughout the United States, Canada and other international markets. Redl Sports Distributors Ltd., owned by the McCallum family for more than 40 years, will continue to operate under Brent McCallum’s leadership as a sister company to Maurice. “Over the years, we have developed a great deal of respect for Redl Sports Distributors and its management team, and we look forward to supporting their continued growth from their base near Vancouver, British Columbia,” said Jory Katlin, CEO of Maurice Sporting Goods. For more information, call Andy Gordon, COO of Maurice Sporting Goods, at (847) 7151500, or Brent McCallum, general manager of Redl Sports Distributors, at (604) 420-2323. 22 Subscribe to SI DIGITAL www.shootingindustry.com • NEW BUSINESS YEAR EXTRA 2012