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\”Session recording from Industry Preview 2017 #IP2017
Session abstract: With ongoing weakness in venture capital (VC) and the public markets, Private Equity (PE) has come through as a source of financial stability in marketing tech innovation. PE firms have recently made big buyouts in areas like CRM (Strongview and Marketo), workflow automation (Mediaocean), and ad serving tech (Sizmek), for example. This panel discussion will survey the factors driving the rise in \”\”IPEOs,\”\” what happens to tech firms after they get bought, and where exactly PE firms might still be looking to buy.
Bill Wise, CEO, Mediaocean
Michael Fosnaugh, Partner, Vista Equity Partners
Hudson Smith, Partner, Thoma Bravo
Moderator: Tolman Geffs, Co-President, JEGI.\”
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6 “Michael Fosnaugh” profiles – LinkedIn
View the profiles of professionals named “Michael Fosnaugh” on LinkedIn. … Co-Head of Flagship Fund & Senior Managing Director at Vista Equity Partners.
Source: www.linkedin.com
Date Published: 4/27/2021
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Michael Fosnaugh, Vista Equity Partners: Profile and Biography
Michael Fosnaugh is Sr Mng Dir/Co-Head:Flagship Fund at Vista Equity Partners. See Michael Fosnaugh’s compensation, career history, education, …
Source: www.bloomberg.com
Date Published: 10/6/2022
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Michael Fosnaugh | Vista Equity Partners, Board… – Applause
Michael Fosnaugh has worked at Vista Equity Partners since 2005. Mr. Fosnaugh is Co-Head of the Flagship Fund and sits on its Investment Committee.
Source: www.applause.com
Date Published: 1/28/2021
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Michael Fosnaugh Net Worth (2022) – Wallmine
Fosnaugh is a Senior Managing Director at Vista. Mr. Fosnaugh is co-head of the Chicago office, is the co-head of Vista’s Flagship Fund and sits …
Source: wallmine.com
Date Published: 8/8/2021
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Michael Fosnaugh – Crunchbase Person Profile – Crunchbase
Michael Fosnaugh has 2 current jobs as Senior Managing Director at Vista Equity Partners and Team Member at Forcepoint . Additionally, Michael Fosnaugh has had …
Source: www.crunchbase.com
Date Published: 7/29/2022
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Top 21 Mike Fosnaugh Vista The 94 Top Answers
Michael Fosnaugh | Vista Equity Partners, Board… – Applause. Article author: www.applause.com; Reviews from users: 24378 ⭐ Ratings; Top rated: …
Source: 1111.com.vn
Date Published: 8/1/2022
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Ping Identity Governance – Board of Directors – Person Details
Michael Fosnaugh has served on our Board since June 2016. Mr. Fosnaugh is a principal at Vista. Mr. Fosnaugh is co-head of the Chicago office and sits on …
Source: investor.pingidentity.com
Date Published: 8/21/2021
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Who is the CEO of Vista?
What does Vista Equity Partners do?
Vista Equity Partners is an American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses. Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.
What companies does Vista own?
- 2.1 Bushnell.
- 2.2 CCI.
- 2.3 Federal Premium.
- 2.4 Jimmy Styks.
- 2.5 Alliant Powder.
- 2.6 Remington Ammunition.
- 2.7 Camp Chef.
- 2.8 Foresight Sports.
Is Vista Equity Partners publicly traded?
For many years, Vista Equity has run an internal public equity portfolio, where it builds toehold positions in publicly-traded software and technology companies it finds intriguing. With 406,975 Stamps.com shares according to data provider Sentieo, the company was Vista’s largest public toehold position.
Who founded Vista?
What is Vista equity worth?
Vista currently manages equity assets under management of $96 billion and oversees a portfolio of more than 85 enterprise software, data and technology-enabled companies that employ over 90,000 people worldwide.
What do private equity firms do?
The purpose of private equity firms is to provide the investors with profit, usually within 4-7 years. It comprises companies or investment managers that acquire capital from wealthy investors to invest in existing or new companies.
How do you get into private equity?
To become a private equity analyst, you will need a bachelor’s degree in accounting, finance or a related programme and sometimes an MBA as well. Entry-level positions are available, but usually experience working in the financial sector is a requirement.
Where is Vista Equity based?
About us. Vista Equity Partners is a leading global investment firm with offices in Austin, Chicago, New York, Oakland, San Francisco and Hong Kong and more than $96 billion in assets under management as of March 31, 2022.
Is Vista Outdoor in trouble?
Starting next year, Vista Outdoor as we’ve known it will cease to exist. The parent company of CamelBak, Giro, and Camp Chef announced today that in 2023 it will spin its outdoor and “sporting”—i.e. ammunition—segments off into separate companies.
Did federal ammo go out of business?
Federal-Hoffman has since split, and Federal is currently owned by Vista Outdoor. Vista Outdoor group, formerly a group of outdoor and sporting companies owned by Alliant Techsystems; was spun off from Alliant Techsystems in February 2015. Federal Cartridge does business today as Federal Premium Ammunition.
Who bought federal ammunition?
Vista Outdoor, the company that owns ammunition makers Federal, Speer and CCI, purchased Remington’s ammunition business based in Lonoke, Arkansas, as well as certain intellectual properties. It agreed to pay $81.4 million. As a result, jobs were retained, and Remington continues to produce ammunition.
How many companies does Vista Equity Partners own?
Advancing Growth
Our private equity and permanent capital portfolio includes more than 80 enterprise software, data and technology-enabled companies that serve over 300 million users and employ more than 90,000 team members around the world.
How did Robert Smith make his money?
Those looking for Robert F. Smith’s secrets to becoming a billionaire should study his journey to the top — from his extensive education in engineering and finance to his founding of Vista Equity Partners — and all the hard work that got him there.
Who bought Mindbody?
– February 15, 2019 – MINDBODY, Inc., the leading experience technology platform for the fitness, beauty and wellness services industries, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses.
What is an equity partner?
Equity Partners, lead the firm into the future. They have full voting right which include but not limited to evaluating attorneys, firing, recruiting, and strategic direction of the firm. Many law firms offer their attorneys Equity partnership and Non-Equity partnerships. An Equity Partner is an owner of a law firm.
How did Robert Smith make his money?
Those looking for Robert F. Smith’s secrets to becoming a billionaire should study his journey to the top — from his extensive education in engineering and finance to his founding of Vista Equity Partners — and all the hard work that got him there.
Who bought Mindbody?
– February 15, 2019 – MINDBODY, Inc., the leading experience technology platform for the fitness, beauty and wellness services industries, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses.
What is a equity group?
A private equity group is essentially an investment manager that raises funds to invest in private companies. The typical private equity investment process lasts around 10 years and consists of multiple phases, including: Raising Capital. Searching for investments. Making an investment.
Vista Equity Partners
Michael Fosnaugh joined Vista Equity Partners in 2005. Mr. Fosnaugh is Co-Head of the Flagship Fund and sits on its Investment Committee. Additionally, Mr. Fosnaugh serves as a member of Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform. Mr. Fosnaugh currently sits on the boards of Acquia, Alegeus, Applause, CentralSquare, EAB, Greenway Health, Integral Ad Science (NASDAQ: IAS), Jamf (NASDAQ: JAMF), Ping Identity (NYSE: PING), PlanSource, Securonix, SmartBear, Stats Perform and TripleLift. He was also actively involved in the firm’s investments in Advicent, Forcepoint, Mediaocean, MRI Software, Numerator, SirsiDynix, Sunquest Information Systems, Vertafore, Websense and Zywave. Mr. Fosnaugh is Co-Head of the Chicago office.
Prior to joining Vista, Mr. Fosnaugh worked in the Technology, Media and Telecommunications Group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings, and other strategic advisory initiatives.
Education
A.B. in Economics from Harvard College, cum laude
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Vista Equity Partners
American investment firm
Vista Equity Partners is an American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses.[3] Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.
The company has offices in several cities, including Austin, Texas, New York City, and San Francisco.[4][5][6]
History [ edit ]
Vista Equity Partners was founded in 2000 by American businessman and investor Robert F. Smith, who serves as chairman and CEO. Vista opened its first office in San Francisco in 2000.[7] In November 2008, the company closed a funding round for its first institutional fund with a total of $1.3 billion raised.[8]
Vista is known for applying detailed scrutiny in human resources when investing in firms, in a procedure it calls Vista Standard Operating Procedures.[9]
In 2010, Brian N. Sheth was promoted to president and awarded the title of co-founder of the firm. He remained in this role until his departure in 2020.[10][11]
In 2011, the company opened an office in Austin, Texas.[7] Over the years, Vista has added several private equity funds and credit funds to its portfolio,[12][13][14] including its first fund, the Vista Credit Opportunities Fund, which raised $196 million.[14][15] During that time, Vista opened several funds that specifically target middle-market companies[16] and emerging technology companies.[17] The company also has a permanent capital investment fund, Vista Equity Partners Perennial, which focuses on growing vertical market software companies.[18][19]
In 2018, Vista was named the top software investor of the past decade by Pitchbook.[20][21] Also in 2018, Vista’s sale of Marketo to Adobe was named Deal of the Year by Buyouts magazine.[22] In 2019, Vista was named Dealmaker of the Year at the PitchBook Private Equity Awards.[23]
As of May 2020, Vista had more than $57 billion in capital commitments.[24] In 2020, Vista joined Diligent Corporation’s modern leadership initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[25][26]
As of June 2021, Vista had more than $81 billion in assets under management.[27] In August 2021, its chief operating officer David Breach was announced as president of Vista, the previous incumbent, Brian N. Sheth, a Vista co-founder, resigning in 2020 following the criminal tax investigation of CEO Smith.[28]
Tax evasion [ edit ]
In October 2020, Vista’s CEO Robert Smith and investor Robert T. Brockman were named in a tax evasion case.[29][30] That month, Smith signed a non-prosecution agreement with the IRS, agreeing to pay $139 million and testify against Brockman.[29] The following month, Vista’s president and co-founder Brian Sheth departed the company, stating that his leaving was unrelated to the tax situation.[31]
Investments [ edit ]
In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services.[32][33] Between 2001 an 2005, Vista invested in several software companies, including BigMachines, a provider of product configuration software,[34] and Aspect Communications, a contact center technology company,[35] among others.[7] In 2004, Vista acquired Applied Systems, Inc., an insurance software company.[36] In 2005, Vista invested in MDSI Mobile Data Solutions.[37]
In 2006, Vista invested in Reynolds and Reynolds, an auto technology company.[38] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc.[37] That year, the company also invested in SirsiDynix, a library software company.[39][40] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases.[41] The following year, the company acquired SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts,[42][43] as well as MicroEdge from Advent Software.[44]
In 2011, the firm acquired multiple companies, including Sage Healthcare, an electronic health records company,[45] which it renamed Vitera Healthcare Solutions.[46]
Between 2012 and 2013, Vista acquired companies including Bullhorn, Inc. a CRM software provider;[47][48] Misys, a British software company;[49] Websense;[50][51][52] and Active Network, Inc, an online event registration service.[53][54] Between 2014 and 2015, Vista acquired Automated Insights, a software company specializing in natural-language generation;[47] Main Street Hub, a social-media company;[55] PowerSchool, a provider of educational technology, and TIBCO Software,[56] a company that specializes in big data and software integrations, among others.[57]
In 2016, Vista acquired Solera Holdings for $6.5 billion[58][59] and Cvent for $1.65 billion,[60] and announced agreements to acquire Marketo (marketing automation software),[61] Ping Identity (single sign-on digital security),[62] and GovDelivery (technology platform for government bodies).[63] The company invested in Granicus[64] and Vivid Seats that same year.[65] Vista subsequently merged GovDelivery and Granicus into one company.[66] In 2017, Vista acquired several software companies, including NAVEX Global.[67] That year, the company also invested in Upserve, a restaurant software provider, and Market Track.[68]
In 2018, Vista acquired Apptio, a cloud-based business management software,[69] Alegeus,[70] and entered into an agreement to acquire Mindbody for $1.9 billion.[71] That year, Vista invested in several other companies, including Wrike, a provider of project management software.[72] In 2019, Vista bought a majority stake in Acquia,[73] and completed its first IPO when it took Ping Identity public.[74] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company[75] and Accelya, a technology provider for the airline industry.[18]
In 2020, Vista acquired Tripleseat, a web-based sales and event management company,[76] and purchased a 2.32% stake in Jio Platforms.[77] In November 2020, Vista acquired CRM-Software provider Pipedrive for $1.5 billion.[78] In the same month, Vista also acquired Customer Success company Gainsight for $1.1 billion.[79]
In April 2021, Vista completed its acquisition of Pluralsight for $22.50 per share.[80] In September 2021, Vista acquired a majority stake in Drift, a sales and marketing software company, valued at over $1.0 billion in the deal.[81] Also in September, Vista announced it intended to acquire Blue Prism for £1.095 billion ($1.5 billion), and to merge it into Tibco[82] but Blue Prism was ultimately bought by SS&C Technologies in March 2022 for approximately $1.6 billion (£1.25 billion).[83][84]
Divestments [ edit ]
In December 2004, Vista sold SourceNet Solutions to Mellon Financial.[33]
Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group for over $1 billion,[37] BigMachines to Oracle for over $400 million,[85] and P2 Energy Solutions to Advent International Corp.[86] In September 2014, Vista announced the sale of MicroEdge to Blackbaud for $160 million.[87] In 2015, the company sold Websense to Raytheon for $1.9 billion.[88]
Between 2015 and 2020, Vista divested other companies, including selling BullHorn, Inc to Insight Venture Partners,[89] selling parts of Active Network to Global Payments Inc.[90] and selling NAVEX Global to BC Partners.[91] During this time, Vista also sold SirsiDynix to ICV Partners,[40] and Main Street Hub to GoDaddy for $125 million.[92] In 2018, Vista sold Marketo to Adobe Systems for $4.75 billion.[93]
In 2020, Vista sold Vertafore to Roper Technologies for $5.35 billion[94] and Regulatory DataCorp to moody’s for $700 million.[95] In 2021, Vista divested from Aspira,[96] a software provider and Numerator, a market intelligence firm Vista had backed since 2017.[97] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion.[98]
Philanthropy [ edit ]
In September 2017, Vista and their companies pledged $1 million to assist the Akshaya Patra Foundation in delivering meals to Indian school children.[99] In 2019, Robert F. Smith committed to eliminate the student loan debt of the Morehouse College Class of 2019.[100] He paid $34 million to cover the students’ loans and the loans of their parents for their studies.[100][101]
Vista Outdoor
American manufacturing company
Vista Outdoor Inc. is an American designer, manufacturer, and marketer of outdoor sports and recreation products. It operates in two markets: shooting sports and outdoor products. It is a “house of brands”[4] with more than 40 labels and subsidiaries. It trades under “VSTO” on the New York Stock Exchange.[5][6][7] Vista Outdoor is the parent company to many ammunition makers, including Federal, CCI, and Remington.[8] In mid 2022, Vista Outdoor announced its intent to split into different companies with new names and stock symbol; One company will focus on sporting goods while the other will focus on ammunition and firearms accessories.
History [ edit ]
Alliant Techsystems (ATK), entered the ammunition and outdoor products business in 2001. ATK grew through acquisitions and a large increase in demand for ammunition for police, hunting, and other private uses.[9]
ATK told its regulators in December 2014 that it intended first to merge its defense and satellite businesses with Orbital Sciences, and then spin off its sporting ammunition business as a stand-alone public company to be named Vista Outdoor.[9] Vista Outdoor signed an agreement for a $350 million secured loan with a term of five years and a $400 million revolving line of credit. Proceeds were partially used to pay down debt.[9] ATK and Orbital filed a joint proxy statement and prospectus describing the share issuance with the Securities and Exchange Commission on December 17, 2014. The same month, the Department of Justice approved to the merger and spinoff.[6][10]
ATK spun-off Vista Outdoor after merging with Orbital Sciences and became Orbital ATK on February 9, 2015. Anyone holding ATK common stock at the end of the business day on February 2, 2015, received two shares of Vista Outdoor common stock. Eligible shareholders had their brokerage account credited or received a book-entry account statement reflecting their ownership. Vista Outdoor was thus initially 100% owned by ATK shareholders. Vista Outdoor stock traded on a “when-issued” basis from January 29, 2015, to February 9, 2015. It began “regular way” trading on the New York Stock Exchange on February 10, 2015, under the ticker symbol “VSTO.” Shareholders were not required to make any payment or take action of any kind. This transaction was conducted on a tax-free basis. U.S. shareholders generally did not have to recognize a gain or loss for federal tax purposes.[5][11][12][13]
On February 25, 2016, BRG Sports announced its acceptance of a $400-million cash and earn-out deal to sell its “Action Sports” business to Vista Outdoor. Vista gained control of the Bell Sports, Giro, Blackburn, and C-Preme brands.[14]
On May 1, 2018, Vista Outdoor announced that it would consider selling its gun manufacturing subsidiaries[15] and Bell, Giro, Blackburn, and Jimmy Styks, to focus on its core brands for outdoors enthusiasts.[16][failed verification] Months earlier, Vista announced that it was attempting to sell eyewear brands Bolle, Serengeti, and Cebe.[17] The company said its move out of the firearms business had nothing to do with recent boycotts. CEO Christopher Metz said the move had been planned in advance and that Savage Arms and Stevens would require too much investment to rectify their lack of handguns, which make up half the gun market in the US.[18] Metz said he expects the asset sales to be completed by the 2020 fiscal year.[19] Metz said the company would focus heavily on what it called its “heritage ammunition business.”[20][21][22]
Vista Outdoor announced on July 9, 2018 that it had reached an agreement with a European private equity fund to sell the Bollé, Cébé and Serengeti eyewear brands.[23]
On July 9, 2019, Vista Outdoor completed the sale of Savage Arms[24] and Stevens Arms for $170 million to a group of investors led by Savage’s management. Vista received immediate gross proceeds of $158 million and a $12-million five-year note. Vista said it will use this money, after paying associated taxes, to reduce its debt.[25]
On October 13, 2020, Vista Outdoor acquired certain assets related to Remington Outdoor Company’s ammunition and accessories businesses, including Remington’s Lonoke, AR manufacturing facility and the Remington brand and trademarks, for $81.4 million. Vista Outdoor used a combination of approximately $51 million of cash on hand and approximately $30 million from its asset-based revolving credit facility to complete this transaction.[26]
In July of 2022, Vista Outdoor announced that it would be acquiring Fox Racing for $540 million. The acquisition is expected to close in the second quarter of 2023. [27]
Financial results [ edit ]
On January 11, 2017 Vista Outdoor disclosed that it expected to record “a material asset impairment charge in its hunting and shooting accessories reporting unit” for the third quarter of its fiscal year 2017. Vista reported that “the Company’s preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million.”[28]
For fiscal year 2019, Vista Outdoor had sales of $2.1 billion. It lost $648 million. Vista reduced its debt load from $738 million to $581 million due to its sale of Savage Arms.[29]
Response to the 2022 invasion of Ukraine [ edit ]
Responding to Ukrainian President Volodymyr Zelenskyy’s call for ammunition after Russia invaded Ukraine, Vista Outdoor, supplier of ammunition to Ukraine’s military since 2015, pledged to donate 1 million rounds of small-caliber ammunition to the country’s armed forces. Vista’s ammunition companies Federal and Remington also started selling T-shirts on their websites to raise money for Ukrainian refugees.[30]
Brands and subsidiaries [ edit ]
Many of Vista’s brands are associated with shooting and hunting. The company also makes gear for camping, hiking, skiing, and biking such as flashlights, headlamps, lanterns, helmets, goggles, GPS locators, etc.[6][31] As of 2019, Vista Outdoor earned about 50% of its profits from businesses units related to shooting sports, such as ammunition makers Federal Premium and CCI.[13]
Bushnell [ edit ]
Bushnell scopes on display at a hunting exhibition
Also known as Bushnell Outdoor Products, Bushnell specializes in optics. Its products include binoculars, spotting scopes, telescopes, night vision equipment, GPS devices, laser rangefinders, riflescopes, holographic weapon sights, game cameras, and other high-end optical equipment.
David P. Bushnell founded Bushnell Corporation in 1948 during his service in Allied-occupied Japan. In 1999, private equity firm Windpoint Partners acquired Bushnell. In 2007, Bushnell was acquired by MidOcean Partners, another private equity firm, in a leveraged buyout. In 2008, Bushnell acquired the assets of Simmons Outdoor Corporation from Meade Instruments. ATK announced its acquisition of Bushnell on September 5, 2013, for $985 million in cash, subject to post-closing adjustments.[32][33]
CCI [ edit ]
Cascade Cartridge, usually called CCI Ammunition, is based in Lewiston, Idaho. Initially, CCI made centerfire primers for government use. As of March 2015, it mainly manufactures rimfire ammunition but also makes centerfire handgun ammunition, primers for reloading and industrial purposes, and shotgun shells.
CCI was founded in 1951 by Dick Speer, brother of Speer Bullets founder Vernon Speer. CCI was previously known as the Speer Ammunition Company.[34][35]
Federal Premium [ edit ]
Hydra-Shok 9mm ammunition from Federal Premium
Federal Cartridge, usually styled Federal Premium, is located in Anoka, Minnesota where it employs roughly 1,000 workers. It was founded in 1922 by Charles L. Horn. Federal Premium manufactures finished shotshell, centerfire, and rimfire ammunition, as well as powder, primer, and shell casings.[36] Federal Premium introduced its Hydra-Shok line of handgun ammunition in 1988 after the FBI requested a bullet with better terminal ballistics than traditional cup-and-core projectiles.[37] Federal Premium manages Vista Outdoor’s relationship with the Lake City Army Ammunition Plant.[38]
Jimmy Styks [ edit ]
Kyle Reeves and Jeremy Wilkens founded Jimmy Styks in 2009 in Huntington Beach, California. In July 2015, Vista Outdoor announced its intent to purchase Jimmy Styks for $40 million upfront with additional payments to the founders, who are staying with the company, triggered by meeting financial targets over the next three years. Jimmy Styks makes stand-up paddleboards and accessories. Vista Outdoor will integrate Jimmy Styks into its outdoor products division. This purchase price was a multiple of about 5.5 times the expected 2015 calendar year EBITDA.[39]
In January 2016, Vista Outdoor announced that it would use its relationships with retailers to expand the number of stores that offer Jimmy Styks products.[40]
Alliant Powder [ edit ]
Vista Outdoor’s Alliant Powder division makes smokeless gunpowder.[41]
Remington Ammunition [ edit ]
Remington Ammunition was formed after Vista Outdoor acquired the Remington brand and ammunition facility in Lonoke, AR in the now defunct Remington Outdoor Company’s bankruptcy auction.[42] After shutting down due to Remington’s bankruptcy, the Lonoke ammunition plant was retooled in early 2021, ramping up production and running 24/7.[43]
Notably, the firearm side of Remington Outdoor Company was not purchased by Vista Outdoor and was reorganized into RemArms. RemArms licenses the Remington brand from Remington Ammunition.[44]
Camp Chef [ edit ]
Vista Outdoor announced the acquisition of Camp Chef in September of 2016. They offer various products including camp stoves, barbecue grills, pellet grills, smokers, fire pits. Vista Outdoor paid a purchase price of $74 million (excluding tax effects), with $60 million in cash paid at closing and $14 million in an earn-out. The effective multiple of the transaction was approximately 6.4x Camp Chef’s expected calendar year 2016 EBITDA.[45]
Foresight Sports [ edit ]
In May 2022, Vista Outdoor announced the acquisition of launch monitor and golf simulation developer and manufacture Foresight Sports. The acquisition valued at $475 million is aimed to aid Vista’s Bushnell brand in expanding into new segments for growth.[46]
Fox Racing [ edit ]
In July 2022, Vista Outdoor bought Fox Racing for $540 million.[47] This amount could be increased by $50 million through an earn-out.[48]
Leadership [ edit ]
Christopher Metz [ edit ]
Metz was named CEO of Vista Outdoor on October 9, 2017. He is responsible for Vista Outdoor’s and its subsidiaries’ daily operations. Metz is also a managing partner at Kellwood Company. He served as the CEO and president of Arctic Cat from 2014 to 2017. Metz was the Managing Director of Sun Capital Partners from 2005 until 2014. Metz worked for Black & Decker from 1992 until 2005, where he held numerous positions in senior management. Metz holds an undergraduate degree from the University of Delaware and an MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.[49]
Vista Outdoor’s debt was over $1 billion when Metz was hired in 2017. As of December 2019, that debt has been reduced to $562 million. A large portion of this debt reduction is attributable to selling Savage Arms and other subsidiaries. Metz moved Vista Outdoor’s headquarters back to Minnesota to cut costs but also to take advantage of what it sees as a favorable business environment in Minnesota.[13]
Mark W. DeYoung [ edit ]
Mark W. DeYoung was Vista Outdoor’s first chairman and CEO. DeYoung retired from Vista Outdoor in July 2017. Independent board member Michael Callahan was acting as interim CEO and chairman as of the same date.[50]
Before heading Vista Outdoor, DeYoung was president and CEO of Alliant Techsystems (ATK) from 2010 to 2015. During his tenure, ATK completed acquisitions of Savage Arms and Bushnell. In 2015, DeYoung led the transaction that spun-off ATK’s sporting goods business to create Vista Outdoor and merged ATK’s aerospace and defense units with Orbital Sciences forming Orbital ATK. DeYoung previously headed ATK’s Armament Systems group, the company’s largest business. Under DeYoung, this unit expanded into new markets and increased its revenue from $600 million in fiscal year 2003 to $2.1 billion in fiscal year 2010.[32][51][52][53]
DeYoung started his career with Hercules Aerospace in Salt Lake City, Utah, in 1985. He held numerous management positions at Hercules in its solid rocket motor and composite structures businesses. After ATK acquired Hercules in 1995, DeYoung continued to advance and held roles in finance, operations, composite structures, human resources, and munitions. DeYoung earned an undergraduate degree in business at Weber State University, in Ogden, Utah. He holds an MBA from Westminster College in Salt Lake City, Utah where he taught management and finance and was named “Adjunct Professor of the Year.” DeYoung is also a member of Orbital ATK’s board of directors.[52][54]
Under DeYoung, Vista Outdoor took on about $1 billion of debt to finance a series of acquisitions. Many of the companies that were acquired started encountering problems after post-acquisition departures of their founders and senior executives.[13]
Operations [ edit ]
Vista Outdoor has about 5,800 employees worldwide, with 4,000 in the United States. The company has manufacturing and support facilities spread over 11 American. states, Puerto Rico, Mexico, and Canada. It has overseas sales and sourcing operations in Mexico, Canada, Europe, Australia, New Zealand, and Asia.[5][55] For example, 1,200 of Vista Outdoor’s employees staff an ammunition factory in Lewiston, Idaho.[56]
In June 2015, Vista announced that it would build its new corporate headquarters at Station Park in Farmington City, Utah. As of June 2015, construction was expected to begin during the summer of the same year, with completion expected in the middle of 2016. Station Park is a mixed-use development next to a commuter rail station.[57]
The company’s headquarters were moved to Utah after they applied for and received targeted tax credits from the Utah state government. In its application, Vista Outdoor said it would invest about $10 million in a new facility where about 90 highly-paid employees would work. Counting medical benefits, these employees would be paid about $125 million over seven years. Utah economic development officials expected about $6.7 million in new tax revenue from the project over this period.[58]
In January 2016, Vista opened a factory in American Fork, Utah to manufacture Gold Tip and Bee Stinger archery products.[59] The new factory is significantly larger than the facility it replaced. The additional space is used for research and development, improved production processes, and better employee amenities.[60]
Vista opened a $35-million ammunition plant in Lewiston, Idaho, in 2017. As of February 2019, Vista employed about 1,135 people in Lewiston. Employment at Vista’s Lewiston factory peaked at 1,500 in 2016. Since then, Vista has been reducing its headcount to save costs. This is necessary due to the sharp drop in ammunition sales that followed the election of President Donald Trump. In January 2019, the company asked workers to volunteer for early retirement, but only 20 workers in Lewiston accepted Vista’s offer.[61][62]
In November 2018, Vista closed its corporate headquarters in Farmington, Utah in order to reduce costs.[1] Vista Outdoor relocated its headquarters to Anoka, Minnesota, near its ammunition factory there.[63]
2018 boycott [ edit ]
As part of the 2018 NRA boycott, activists asked retailers to stop selling all Vista Outdoor products over the company’s support of the National Rifle Association and manufacturing of assault weapons.[64] Some bicycle shops in Oregon stopped selling Vista Outdoor products. Some cancelled orders or returned stock.[65][66][67][68][69]
Mountain Equipment Co-op (MEC), with 22 stores across Canada, was pressured by their members to stop selling Vista Outdoor products because it supports the NRA. MEC carries camping and bike gear from Vista Outdoor. MEC stopped orders from Vista Outdoor.[70][68][71][72][25]
Recreational Equipment, Inc. (REI) stopped ordering Vista Outdoor products due to Vista’s lack of action on reducing gun violence.[73][68][74][75][76][77] REI lifted its ban on Vista Outdoor products and started carrying them again in September 2019. REI is one of Vista Outdoor’s largest customers.[78]
Running Room, a 122-store Canadian chain, canceled pending orders and stopped buying CamelBak products but sold remaining stock. They cited customer support for dropping the brand and said their health and fitness focus was incompatible with guns.[79][80][81]
Integral Ad Science
Senior Managing Director, Vista
Michael Fosnaugh joined Vista Equity Partners in 2005. Mr. Fosnaugh is Co-Head of the Flagship Fund and sits on its Investment Committee. Additionally, Mr. Fosnaugh serves as a member of Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform. Mr. Fosnaugh currently sits on the boards of Acquia, Alegeus, Applause, CentralSquare, EAB, Greenway Health, Integral Ad Science, Jamf (NASDAQ: JAMF), Mediaocean, Numerator, Ping Identity (NYSE: PING), PlanSource, SmartBear, Stats Perform and TripleLift. He was actively involved in the firm’s investments in Advicent, Forcepoint, MRI Software, SirsiDynix, Sunquest Information Systems, Websense and Zywave. Mr. Fosnaugh is Co-Head of the Chicago office.
Prior to joining Vista, Mr. Fosnaugh worked in the Technology, Media and Telecommunications Group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings, and other strategic advisory initiatives. Education: A.B. in Economics from Harvard College, cum laude.
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Michael Fosnaugh Net Worth (2022)
Michael Fosnaugh biography
Michael Fosnaugh serves as Independent Director of the Company. Mr. Fosnaugh is a Senior Managing Director at Vista. Mr. Fosnaugh is co-head of the Chicago office, is the co-head of Vista’s Flagship Fund and sits on the Vista Flagship Funds’ Investment Committee. Mr. Fosnaugh was actively involved in Vista’s investments in Forcepoint, MRI Software, SirsiDynix, Sunquest Information Systems. Websense and Zvwaye. Prior to joining Vista in 2005, Mr. Fosnaugh worked in the Technology, Media & Telecommunications group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings and other strategic advisory initiatives. Mr. Fosnaugh currently serves on the board of several of Vista’s private portfolio companies, including Acquia Inc., Advicent Solutions Inc., Alegeus Technologies Holdings Corp., EAB Global Inc., Greenway Health, LLC, Integral Ad Science Inc., Jamf Software LLC, MediaOcean LLC and PlanSource Benefits Administration, Inc. Mr. Fosnaugh received a bachelor’s degree in economics from Harvard College. Mr. Fosnaugh’s extensive experience in the areas of corporate strategy, technology, finance, marketing, business transactions and software investments, as well as his experience working with other technology and software companies, make him a valuable member of our Board.
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Prior to joining Vista, Mr. Fosnaugh worked in the Technology, Media and Telecommunications Group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings, and other strategic advisory initiatives.
Michael Fosnaugh joined Vista Equity Partners in 2005. Mr. Fosnaugh is Co-Head of the Flagship Fund and sits on its Investment Committee. Additionally, Mr. Fosnaugh serves as a member of Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform. Mr. Fosnaugh currently sits on the boards of Acquia, Alegeus, Applause, CentralSquare, EAB, Greenway Health, Integral Ad Science (NASDAQ: IAS), Jamf (NASDAQ: JAMF), Ping Identity (NYSE: PING), PlanSource, SmartBear, Stats Perform and TripleLift. He was also actively involved in the firm’s investments in Advicent, Forcepoint, Mediaocean, MRI Software, Numerator, SirsiDynix, Sunquest Information Systems, Vertafore, Websense and Zywave. Mr. Fosnaugh is Co-Head of the Chicago office.
In September 2017, Vista and their companies pledged $1 million to assist the Akshaya Patra Foundation in delivering meals to Indian school children.[99] In 2019, Robert F. Smith committed to eliminate the student loan debt of the Morehouse College Class of 2019.[100] He paid $34 million to cover the students’ loans and the loans of their parents for their studies.[100][101]
In 2020, Vista sold Vertafore to Roper Technologies for $5.35 billion[94] and Regulatory DataCorp to moody’s for $700 million.[95] In 2021, Vista divested from Aspira,[96] a software provider and Numerator, a market intelligence firm Vista had backed since 2017.[97] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion.[98]
Between 2015 and 2020, Vista divested other companies, including selling BullHorn, Inc to Insight Venture Partners,[89] selling parts of Active Network to Global Payments Inc.[90] and selling NAVEX Global to BC Partners.[91] During this time, Vista also sold SirsiDynix to ICV Partners,[40] and Main Street Hub to GoDaddy for $125 million.[92] In 2018, Vista sold Marketo to Adobe Systems for $4.75 billion.[93]
Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group for over $1 billion,[37] BigMachines to Oracle for over $400 million,[85] and P2 Energy Solutions to Advent International Corp.[86] In September 2014, Vista announced the sale of MicroEdge to Blackbaud for $160 million.[87] In 2015, the company sold Websense to Raytheon for $1.9 billion.[88]
In April 2021, Vista completed its acquisition of Pluralsight for $22.50 per share.[80] In September 2021, Vista acquired a majority stake in Drift, a sales and marketing software company, valued at over $1.0 billion in the deal.[81] Also in September, Vista announced it intended to acquire Blue Prism for £1.095 billion ($1.5 billion), and to merge it into Tibco[82] but Blue Prism was ultimately bought by SS&C Technologies in March 2022 for approximately $1.6 billion (£1.25 billion).[83][84]
In 2020, Vista acquired Tripleseat, a web-based sales and event management company,[76] and purchased a 2.32% stake in Jio Platforms.[77] In November 2020, Vista acquired CRM-Software provider Pipedrive for $1.5 billion.[78] In the same month, Vista also acquired Customer Success company Gainsight for $1.1 billion.[79]
In 2018, Vista acquired Apptio, a cloud-based business management software,[69] Alegeus,[70] and entered into an agreement to acquire Mindbody for $1.9 billion.[71] That year, Vista invested in several other companies, including Wrike, a provider of project management software.[72] In 2019, Vista bought a majority stake in Acquia,[73] and completed its first IPO when it took Ping Identity public.[74] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company[75] and Accelya, a technology provider for the airline industry.[18]
In 2016, Vista acquired Solera Holdings for $6.5 billion[58][59] and Cvent for $1.65 billion,[60] and announced agreements to acquire Marketo (marketing automation software),[61] Ping Identity (single sign-on digital security),[62] and GovDelivery (technology platform for government bodies).[63] The company invested in Granicus[64] and Vivid Seats that same year.[65] Vista subsequently merged GovDelivery and Granicus into one company.[66] In 2017, Vista acquired several software companies, including NAVEX Global.[67] That year, the company also invested in Upserve, a restaurant software provider, and Market Track.[68]
Between 2012 and 2013, Vista acquired companies including Bullhorn, Inc. a CRM software provider;[47][48] Misys, a British software company;[49] Websense;[50][51][52] and Active Network, Inc, an online event registration service.[53][54] Between 2014 and 2015, Vista acquired Automated Insights, a software company specializing in natural-language generation;[47] Main Street Hub, a social-media company;[55] PowerSchool, a provider of educational technology, and TIBCO Software,[56] a company that specializes in big data and software integrations, among others.[57]
In 2006, Vista invested in Reynolds and Reynolds, an auto technology company.[38] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc.[37] That year, the company also invested in SirsiDynix, a library software company.[39][40] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases.[41] The following year, the company acquired SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts,[42][43] as well as MicroEdge from Advent Software.[44]
In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services.[32][33] Between 2001 an 2005, Vista invested in several software companies, including BigMachines, a provider of product configuration software,[34] and Aspect Communications, a contact center technology company,[35] among others.[7] In 2004, Vista acquired Applied Systems, Inc., an insurance software company.[36] In 2005, Vista invested in MDSI Mobile Data Solutions.[37]
In October 2020, Vista’s CEO Robert Smith and investor Robert T. Brockman were named in a tax evasion case.[29][30] That month, Smith signed a non-prosecution agreement with the IRS, agreeing to pay $139 million and testify against Brockman.[29] The following month, Vista’s president and co-founder Brian Sheth departed the company, stating that his leaving was unrelated to the tax situation.[31]
As of June 2021, Vista had more than $81 billion in assets under management.[27] In August 2021, its chief operating officer David Breach was announced as president of Vista, the previous incumbent, Brian N. Sheth, a Vista co-founder, resigning in 2020 following the criminal tax investigation of CEO Smith.[28]
As of May 2020, Vista had more than $57 billion in capital commitments.[24] In 2020, Vista joined Diligent Corporation’s modern leadership initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[25][26]
In 2018, Vista was named the top software investor of the past decade by Pitchbook.[20][21] Also in 2018, Vista’s sale of Marketo to Adobe was named Deal of the Year by Buyouts magazine.[22] In 2019, Vista was named Dealmaker of the Year at the PitchBook Private Equity Awards.[23]
In 2011, the company opened an office in Austin, Texas.[7] Over the years, Vista has added several private equity funds and credit funds to its portfolio,[12][13][14] including its first fund, the Vista Credit Opportunities Fund, which raised $196 million.[14][15] During that time, Vista opened several funds that specifically target middle-market companies[16] and emerging technology companies.[17] The company also has a permanent capital investment fund, Vista Equity Partners Perennial, which focuses on growing vertical market software companies.[18][19]
In 2010, Brian N. Sheth was promoted to president and awarded the title of co-founder of the firm. He remained in this role until his departure in 2020.[10][11]
Vista is known for applying detailed scrutiny in human resources when investing in firms, in a procedure it calls Vista Standard Operating Procedures.[9]
Vista Equity Partners was founded in 2000 by American businessman and investor Robert F. Smith, who serves as chairman and CEO. Vista opened its first office in San Francisco in 2000.[7] In November 2008, the company closed a funding round for its first institutional fund with a total of $1.3 billion raised.[8]
Vista Equity Partners is an American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses.[3] Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.
American manufacturing company
Vista Outdoor Inc. is an American designer, manufacturer, and marketer of outdoor sports and recreation products. It operates in two markets: shooting sports and outdoor products. It is a “house of brands”[4] with more than 40 labels and subsidiaries. It trades under “VSTO” on the New York Stock Exchange.[5][6][7] Vista Outdoor is the parent company to many ammunition makers, including Federal, CCI, and Remington.[8] In mid 2022, Vista Outdoor announced its intent to split into different companies with new names and stock symbol; One company will focus on sporting goods while the other will focus on ammunition and firearms accessories.
History [ edit ]
Alliant Techsystems (ATK), entered the ammunition and outdoor products business in 2001. ATK grew through acquisitions and a large increase in demand for ammunition for police, hunting, and other private uses.[9]
ATK told its regulators in December 2014 that it intended first to merge its defense and satellite businesses with Orbital Sciences, and then spin off its sporting ammunition business as a stand-alone public company to be named Vista Outdoor.[9] Vista Outdoor signed an agreement for a $350 million secured loan with a term of five years and a $400 million revolving line of credit. Proceeds were partially used to pay down debt.[9] ATK and Orbital filed a joint proxy statement and prospectus describing the share issuance with the Securities and Exchange Commission on December 17, 2014. The same month, the Department of Justice approved to the merger and spinoff.[6][10]
ATK spun-off Vista Outdoor after merging with Orbital Sciences and became Orbital ATK on February 9, 2015. Anyone holding ATK common stock at the end of the business day on February 2, 2015, received two shares of Vista Outdoor common stock. Eligible shareholders had their brokerage account credited or received a book-entry account statement reflecting their ownership. Vista Outdoor was thus initially 100% owned by ATK shareholders. Vista Outdoor stock traded on a “when-issued” basis from January 29, 2015, to February 9, 2015. It began “regular way” trading on the New York Stock Exchange on February 10, 2015, under the ticker symbol “VSTO.” Shareholders were not required to make any payment or take action of any kind. This transaction was conducted on a tax-free basis. U.S. shareholders generally did not have to recognize a gain or loss for federal tax purposes.[5][11][12][13]
On February 25, 2016, BRG Sports announced its acceptance of a $400-million cash and earn-out deal to sell its “Action Sports” business to Vista Outdoor. Vista gained control of the Bell Sports, Giro, Blackburn, and C-Preme brands.[14]
On May 1, 2018, Vista Outdoor announced that it would consider selling its gun manufacturing subsidiaries[15] and Bell, Giro, Blackburn, and Jimmy Styks, to focus on its core brands for outdoors enthusiasts.[16][failed verification] Months earlier, Vista announced that it was attempting to sell eyewear brands Bolle, Serengeti, and Cebe.[17] The company said its move out of the firearms business had nothing to do with recent boycotts. CEO Christopher Metz said the move had been planned in advance and that Savage Arms and Stevens would require too much investment to rectify their lack of handguns, which make up half the gun market in the US.[18] Metz said he expects the asset sales to be completed by the 2020 fiscal year.[19] Metz said the company would focus heavily on what it called its “heritage ammunition business.”[20][21][22]
Vista Outdoor announced on July 9, 2018 that it had reached an agreement with a European private equity fund to sell the Bollé, Cébé and Serengeti eyewear brands.[23]
On July 9, 2019, Vista Outdoor completed the sale of Savage Arms[24] and Stevens Arms for $170 million to a group of investors led by Savage’s management. Vista received immediate gross proceeds of $158 million and a $12-million five-year note. Vista said it will use this money, after paying associated taxes, to reduce its debt.[25]
On October 13, 2020, Vista Outdoor acquired certain assets related to Remington Outdoor Company’s ammunition and accessories businesses, including Remington’s Lonoke, AR manufacturing facility and the Remington brand and trademarks, for $81.4 million. Vista Outdoor used a combination of approximately $51 million of cash on hand and approximately $30 million from its asset-based revolving credit facility to complete this transaction.[26]
In July of 2022, Vista Outdoor announced that it would be acquiring Fox Racing for $540 million. The acquisition is expected to close in the second quarter of 2023. [27]
Financial results [ edit ]
On January 11, 2017 Vista Outdoor disclosed that it expected to record “a material asset impairment charge in its hunting and shooting accessories reporting unit” for the third quarter of its fiscal year 2017. Vista reported that “the Company’s preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million.”[28]
For fiscal year 2019, Vista Outdoor had sales of $2.1 billion. It lost $648 million. Vista reduced its debt load from $738 million to $581 million due to its sale of Savage Arms.[29]
Response to the 2022 invasion of Ukraine [ edit ]
Responding to Ukrainian President Volodymyr Zelenskyy’s call for ammunition after Russia invaded Ukraine, Vista Outdoor, supplier of ammunition to Ukraine’s military since 2015, pledged to donate 1 million rounds of small-caliber ammunition to the country’s armed forces. Vista’s ammunition companies Federal and Remington also started selling T-shirts on their websites to raise money for Ukrainian refugees.[30]
Brands and subsidiaries [ edit ]
Many of Vista’s brands are associated with shooting and hunting. The company also makes gear for camping, hiking, skiing, and biking such as flashlights, headlamps, lanterns, helmets, goggles, GPS locators, etc.[6][31] As of 2019, Vista Outdoor earned about 50% of its profits from businesses units related to shooting sports, such as ammunition makers Federal Premium and CCI.[13]
Bushnell [ edit ]
Bushnell scopes on display at a hunting exhibition
Also known as Bushnell Outdoor Products, Bushnell specializes in optics. Its products include binoculars, spotting scopes, telescopes, night vision equipment, GPS devices, laser rangefinders, riflescopes, holographic weapon sights, game cameras, and other high-end optical equipment.
David P. Bushnell founded Bushnell Corporation in 1948 during his service in Allied-occupied Japan. In 1999, private equity firm Windpoint Partners acquired Bushnell. In 2007, Bushnell was acquired by MidOcean Partners, another private equity firm, in a leveraged buyout. In 2008, Bushnell acquired the assets of Simmons Outdoor Corporation from Meade Instruments. ATK announced its acquisition of Bushnell on September 5, 2013, for $985 million in cash, subject to post-closing adjustments.[32][33]
CCI [ edit ]
Cascade Cartridge, usually called CCI Ammunition, is based in Lewiston, Idaho. Initially, CCI made centerfire primers for government use. As of March 2015, it mainly manufactures rimfire ammunition but also makes centerfire handgun ammunition, primers for reloading and industrial purposes, and shotgun shells.
CCI was founded in 1951 by Dick Speer, brother of Speer Bullets founder Vernon Speer. CCI was previously known as the Speer Ammunition Company.[34][35]
Federal Premium [ edit ]
Hydra-Shok 9mm ammunition from Federal Premium
Federal Cartridge, usually styled Federal Premium, is located in Anoka, Minnesota where it employs roughly 1,000 workers. It was founded in 1922 by Charles L. Horn. Federal Premium manufactures finished shotshell, centerfire, and rimfire ammunition, as well as powder, primer, and shell casings.[36] Federal Premium introduced its Hydra-Shok line of handgun ammunition in 1988 after the FBI requested a bullet with better terminal ballistics than traditional cup-and-core projectiles.[37] Federal Premium manages Vista Outdoor’s relationship with the Lake City Army Ammunition Plant.[38]
Jimmy Styks [ edit ]
Kyle Reeves and Jeremy Wilkens founded Jimmy Styks in 2009 in Huntington Beach, California. In July 2015, Vista Outdoor announced its intent to purchase Jimmy Styks for $40 million upfront with additional payments to the founders, who are staying with the company, triggered by meeting financial targets over the next three years. Jimmy Styks makes stand-up paddleboards and accessories. Vista Outdoor will integrate Jimmy Styks into its outdoor products division. This purchase price was a multiple of about 5.5 times the expected 2015 calendar year EBITDA.[39]
In January 2016, Vista Outdoor announced that it would use its relationships with retailers to expand the number of stores that offer Jimmy Styks products.[40]
Alliant Powder [ edit ]
Vista Outdoor’s Alliant Powder division makes smokeless gunpowder.[41]
Remington Ammunition [ edit ]
Remington Ammunition was formed after Vista Outdoor acquired the Remington brand and ammunition facility in Lonoke, AR in the now defunct Remington Outdoor Company’s bankruptcy auction.[42] After shutting down due to Remington’s bankruptcy, the Lonoke ammunition plant was retooled in early 2021, ramping up production and running 24/7.[43]
Notably, the firearm side of Remington Outdoor Company was not purchased by Vista Outdoor and was reorganized into RemArms. RemArms licenses the Remington brand from Remington Ammunition.[44]
Camp Chef [ edit ]
Vista Outdoor announced the acquisition of Camp Chef in September of 2016. They offer various products including camp stoves, barbecue grills, pellet grills, smokers, fire pits. Vista Outdoor paid a purchase price of $74 million (excluding tax effects), with $60 million in cash paid at closing and $14 million in an earn-out. The effective multiple of the transaction was approximately 6.4x Camp Chef’s expected calendar year 2016 EBITDA.[45]
Foresight Sports [ edit ]
In May 2022, Vista Outdoor announced the acquisition of launch monitor and golf simulation developer and manufacture Foresight Sports. The acquisition valued at $475 million is aimed to aid Vista’s Bushnell brand in expanding into new segments for growth, With projected annual net sales of $100 million.[46]
Fox Racing [ edit ]
In July 2022 Vista Outdoors bought Fox Racing for 540 million.[47]
Leadership [ edit ]
Christopher Metz [ edit ]
Metz was named CEO of Vista Outdoor on October 9, 2017. He is responsible for Vista Outdoor’s and its subsidiaries’ daily operations. Metz is also a managing partner at Kellwood Company. He served as the CEO and president of Arctic Cat from 2014 to 2017. Metz was the Managing Director of Sun Capital Partners from 2005 until 2014. Metz worked for Black & Decker from 1992 until 2005, where he held numerous positions in senior management. Metz holds an undergraduate degree from the University of Delaware and an MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.[48]
Vista Outdoor’s debt was over $1 billion when Metz was hired in 2017. As of December 2019, that debt has been reduced to $562 million. A large portion of this debt reduction is attributable to selling Savage Arms and other subsidiaries. Metz moved Vista Outdoor’s headquarters back to Minnesota to cut costs but also to take advantage of what it sees as a favorable business environment in Minnesota.[13]
Mark W. DeYoung [ edit ]
Mark W. DeYoung was Vista Outdoor’s first chairman and CEO. DeYoung retired from Vista Outdoor in July 2017. Independent board member Michael Callahan was acting as interim CEO and chairman as of the same date.[49]
Before heading Vista Outdoor, DeYoung was president and CEO of Alliant Techsystems (ATK) from 2010 to 2015. During his tenure, ATK completed acquisitions of Savage Arms and Bushnell. In 2015, DeYoung led the transaction that spun-off ATK’s sporting goods business to create Vista Outdoor and merged ATK’s aerospace and defense units with Orbital Sciences forming Orbital ATK. DeYoung previously headed ATK’s Armament Systems group, the company’s largest business. Under DeYoung, this unit expanded into new markets and increased its revenue from $600 million in fiscal year 2003 to $2.1 billion in fiscal year 2010.[32][50][51][52]
DeYoung started his career with Hercules Aerospace in Salt Lake City, Utah, in 1985. He held numerous management positions at Hercules in its solid rocket motor and composite structures businesses. After ATK acquired Hercules in 1995, DeYoung continued to advance and held roles in finance, operations, composite structures, human resources, and munitions. DeYoung earned an undergraduate degree in business at Weber State University, in Ogden, Utah. He holds an MBA from Westminster College in Salt Lake City, Utah where he taught management and finance and was named “Adjunct Professor of the Year.” DeYoung is also a member of Orbital ATK’s board of directors.[51][53]
Under DeYoung, Vista Outdoor took on about $1 billion of debt to finance a series of acquisitions. Many of the companies that were acquired started encountering problems after post-acquisition departures of their founders and senior executives.[13]
Operations [ edit ]
Vista Outdoor has about 5,800 employees worldwide, with 4,000 in the United States. The company has manufacturing and support facilities spread over 11 American. states, Puerto Rico, Mexico, and Canada. It has overseas sales and sourcing operations in Mexico, Canada, Europe, Australia, New Zealand, and Asia.[5][54] For example, 1,200 of Vista Outdoor’s employees staff an ammunition factory in Lewiston, Idaho.[55]
In June 2015, Vista announced that it would build its new corporate headquarters at Station Park in Farmington City, Utah. As of June 2015, construction was expected to begin during the summer of the same year, with completion expected in the middle of 2016. Station Park is a mixed-use development next to a commuter rail station.[56]
The company’s headquarters were moved to Utah after they applied for and received targeted tax credits from the Utah state government. In its application, Vista Outdoor said it would invest about $10 million in a new facility where about 90 highly-paid employees would work. Counting medical benefits, these employees would be paid about $125 million over seven years. Utah economic development officials expected about $6.7 million in new tax revenue from the project over this period.[57]
In January 2016, Vista opened a factory in American Fork, Utah to manufacture Gold Tip and Bee Stinger archery products.[58] The new factory is significantly larger than the facility it replaced. The additional space is used for research and development, improved production processes, and better employee amenities.[59]
Vista opened a $35-million ammunition plant in Lewiston, Idaho, in 2017. As of February 2019, Vista employed about 1,135 people in Lewiston. Employment at Vista’s Lewiston factory peaked at 1,500 in 2016. Since then, Vista has been reducing its headcount to save costs. This is necessary due to the sharp drop in ammunition sales that followed the election of President Donald Trump. In January 2019, the company asked workers to volunteer for early retirement, but only 20 workers in Lewiston accepted Vista’s offer.[60][61]
In November 2018, Vista closed its corporate headquarters in Farmington, Utah in order to reduce costs.[1] Vista Outdoor relocated its headquarters to Anoka, Minnesota, near its ammunition factory there.[62]
2018 boycott [ edit ]
As part of the 2018 NRA boycott, activists asked retailers to stop selling all Vista Outdoor products over the company’s support of the National Rifle Association and manufacturing of assault weapons.[63] Within days, bicycle retailers in Oregon stopped selling all Vista Outdoor products. Some cancelled orders or returned stock.[64][65][66][67][68]
Mountain Equipment Co-op (MEC), with 22 stores across Canada, was pressured by their members to stop selling Vista Outdoor products because it supports the NRA. MEC carries camping and bike gear from Vista Outdoor. MEC stopped orders from Vista Outdoor.[69][67][70][71][25]
Recreational Equipment, Inc. (REI) stopped ordering Vista Outdoor products due to Vista’s lack of action on reducing gun violence.[72][67][73][74][75][76] REI lifted its ban on Vista Outdoor products and started carrying them again in September 2019. REI is one of Vista Outdoor’s largest customers.[77]
Running Room, a 122-store Canadian chain, canceled pending orders and stopped buying CamelBak products but sold remaining stock. They cited customer support for dropping the brand and said their health and fitness focus was incompatible with guns.[78][79][80]
Ping Identity Governance
Michael Fosnaugh has served on our Board since June 2016. Mr. Fosnaugh is a principal at Vista. Mr. Fosnaugh is co-head of the Chicago office and sits on the Vista Flagship Funds’ Investment Committee. Prior to joining Vista in 2005, Mr. Fosnaugh worked in the Technology, Media & Telecommunications group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings and other strategic advisory initiatives. Mr. Fosnaugh currently serves on the board of several of Vista’s private portfolio companies, including Advicent Solutions Inc., Alegeus Technologies Holdings Corp., EAB Global Inc., Greenway Health, LLC, Integral Ad Science Inc, Jamf Software LLC and Mediaocean LLC. Mr. Fosnaugh received a bachelor’s degree in economics from Harvard College. Mr. Fosnaugh’s extensive experience in the areas of corporate strategy, technology, finance, marketing, business transactions and software investments, as well as his experience working with other technology and software companies, make him a valuable member of our Board.
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