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Alliant Techsystems Inc Announces Agreement To Acquire Bushnell Group Holdings Inc

Thursday, 5 Sep 2013 07:00am EDT 

Alliant Techsystems Inc announced that it has entered into a definitive agreement to acquire Bushnell Group Holdings, Inc. Bushnell is a global designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear. The Company offers a broad portfolio of high and affordable products targeted to the outdoor and sport enthusiast. Under the terms of the transaction, ATK will pay $985 million in cash, subject to customary post-closing adjustments. This represents a projected calendar 2013 EBITDA multiple of approximately 10 times. Bushnell's projected sales for calendar 2013 are approximately $600 million. ATK expects the acquisition to result in FY14 earnings per share (EPS) dilution due to the stub period, transaction expenses and purchase accounting. ATK expects the acquisition to be accretive to EPS in its first full year of operations (FY15), including impacts associated with transition expenses, and estimates FY16 EPS accretion of approximately $1.00. As part of this transaction, ATK has secured a $900 million senior secured acquisition financing commitment. ATK will finance the acquisition through a combination of this new financing, borrowings under its existing revolving credit facility, and cash on hand.