MidOcean-backed Bushnell Seeking Buyers

Feb 28 (Reuters) – Bushnell, an outdoor products manufacturer, is up for a sale in a deal that could be worth $1 billion, three sources familiar with the matter said on Thursday. Bushnell’s owner, private equity firm MidOcean Partners, is finalizing advisors for the process, said all the sources who declined to be identified because the talks are private.

Based in Overland Park, Kansas, Bushnell has about $100 million in annual earnings before interest, taxes, depreciation and amortization (EBITDA), the sources said. It has annual revenue of roughly $450 million.

MidOcean Partners declined to comment.

Founded in 1948, Bushnell makes outdoor accessories such as binoculars, telescopes, night vision equipment and GPS devices. It sells products under various brands such as Butler Creek, Final Approach, Hoppe’s, Millett, Night Optics, Primos, Simmons, Stoney Point, Tasco and Uncle Mike’s.

It was acquired by MidOcean in 2007 from private equity firm Wind Point Partners. Last April, Bushnell acquired Primos Hunting, a hunting products maker.

(Reporting by Olivia Oran; Editing by Richard Chang)