LA-based private equity firm Diversis Capital has closed its buy of Martin Archery through its affiliate Martin Sports. No financial terms were disclosed. Based in Walla Walla, Washington, Martin Archery is a maker of bows and bow accessories.
LOS ANGELES, CA – Diversis Capital LLC, a Los Angeles-based private equity firm that acquires controlling interests in mature businesses, particularly those in distress or requiring operational assistance, has successfully completed the acquisition of the assets of Martin Archery, Inc. through its affiliate Martin Sports, Inc. Based in Walla Walla, Washington, Martin Archery is a long-standing producer of traditional, compound, and take-down bows and bow accessories.
Founded by Olympic Medalist and Archery Hall of Famer Gail Martin in 1951, Martin’s U.S.-manufactured archery products are suited for novice and expert archers in hunting, shooting and other competitive events. The Company has a long track record of innovation and quality, which has helped establish a loyal and deep customer base. Through its storied history, Martin bows have been featured throughout popular culture ranging from Hollywood blockbuster films to the 1992 Barcelona Olympics, where a Martin bow was used to light the Olympic torch.
“This is an important transaction for Diversis as an emerging private equity firm. We anticipate showcasing our operational expertise and turnaround capabilities,” said Ron Nayot, Managing Director of Diversis Capital. “We look forward to continuing to identify and capture additional opportunities.”
“Diversis is assembling a team of industry executives, several of whom will be joining over the coming year, to grow the business and continue to provide top-notch products to the archery industry,” said Kevin Ma, Managing Director of Diversis Capital. “This acquisition will create new jobs in the community as we elevate Martin Archery to new levels of success.”
Rich Weatherford, hired by Diversis as the new Chief Executive Officer of Martin Sports, added, “I am pleased to be working with Diversis Capital on the successful transformation of Martin Archery, and demonstrating that the Martin brand is still vibrant.”
The assistance of the Port of Walla Walla was critical to the deal. “Walla Walla has been home to the iconic Martin Archery brand for more than 60 years and we are delighted to continue this important legacy in our community,” stated Paul Schneidmiller, President of the Port of Walla Walla Commission.
Founded in 2013, Diversis Capital, LLC (“Diversis”) is a North American private equity firm with a focus on special situations that require both sharp financial acumen and operational expertise to reach success. The tight-knit team of professionals has experience working on complex transactions and leveraging deep hands-on operational expertise to help companies and their management teams achieve full potential. Diversis, founded by Managing Directors Ron Nayot, Kevin Ma and the firm’s Chairman Marc Luzzatto, is currently in full acquisition mode with a goal of executing several transactions annually. The Luzzatto Company, Inc., Diversis’ affiliate, is a private equity firm that invests nationwide in real estate and real estate-related debt.