Mustad & Son has acquired TUF-Line. Financial terms weren’t announced. TUF-Line is the recreational fishing line business of Western Filament. Verdane Capital acquired a controlling stake of Mustad in 2017. Houlihan Lokey acted as financial adviser while Harper Meyer Perez Hagen Albert Dribin & DeLuca LLP was counsel to Mustad.
Mustad & Son Acquires TUF-Line from Western Filament
Mustad & Son (“Mustad” or “the Company”), a Norwegian-based manufacturer and marketer of fishing hooks and accessories for recreational and commercial fishing applications, announced today it has acquired TUF-Line (https://tuf-line.com/), the recreational fishing line business of Western Filament, a Grand Junction, Colorado-based provider of synthetic fiber materials, such as polyester, nylon and Kevlar®, for industrial and recreational purposes. TUF-Line represents an important acquisition for Mustad, adding a premium branded fishing line offering to its product portfolio.
“We are thrilled to be adding both the TUF-Line brand and its range of products to our portfolio,” said Jordan Davis, President of O. Mustad & Son Americas. “Adding TUF to the O. Mustad & Son family is a key strategic step in expanding our ability to serve our customers in the Americas, as well as in over 160 countries where Mustad products are currently sold.”
Through this acquisition, Mustad forges a strategic partnership with TUF-Line with the goal of growing the brand into a global fishing line solution. Mustad is acquiring the TUF-Line brand and assuming the marketing, product development and distribution responsibilities of the business under the leadership of Jordan Davis, President of Mustad Americas, while Western Filament will maintain its manufacturing role through a multi-year supplier agreement.
“We are very excited to announce our partnership with Mustad to develop and grow TUF-Line fishing lines,” stated Rex Nelson, President of Western Filament. “We are thrilled to be working with a company that has such a rich history and has been an industry leader for so many years. Through Mustad’s leadership, marketing, and expertise of the fishing tackle industry, we are confident that TUF-Line will help Mustad exceed their goals while reaching its true potential as a globally recognized brand.”
Mustad is seeking to expand its footprint from a leading fishing hook brand in Europe and the North America to a global fishing products platform. The Company is seeking to continue making transformative acquisitions in the fishing space with a core focus on geographic expansion into the U.S.market through strategic acquisitions of large and established bait and tackle businesses. “Mustad has been a large and innovative player in the hook market for over a century. As both the market and our customers evolve, we see the acquisition of large, established brands, particularly in the freshwater space, as extremely attractive and well aligned with our pioneering spirit. We are eager to continue to explore brands within the bass fishing, fly fishing, and accessories verticals as possible near term acquisitions,” explained Davis. Mustad’s M&A objectives include expanding its retail presence, remaining at the forefront of sport fishing developments and marketing, and scaling the Company to achieve an efficient global business model. “It’s our mission to create a global multi-brand company within the fishing tackle industry, all the while focusing on innovation, employee and customer satisfaction, and sustainability. We believe partnering with and acquiring strong brands is paramount to our success.”
Houlihan Lokey acted as exclusive financial advisor and Harper Meyer Perez Hagen Albert Dribin & DeLuca LLP acted as counsel to Mustad.
Current TUF-Line dealers are urged to continue to place orders and expect shipments from Western Filament for TUF-Line products on behalf of Mustad for the next 30 days. Communications regarding the transition of front and back office operations will be sent within the coming days.
Mustad is the world’s largest manufacturer of fishing hooks for sport and commercial applications. The Company offers fishing hooks and related products, such as as lures, tools & knives, line & leader, terminal tackle and apparel. Today, one in four fishing hooks in the world is made by Mustad and the Company’s hooks can be found in over 160 countries covering all disciplines of sport fishing, as well as commercial fishing applications. Mustad prides itself on innovation and quality, which drives its globally renowned brand. The Company was founded in 1877 and is based in Gjovik, Norway.