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delmuts

Pure fishing sold

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delmuts    19
delmuts

i just saw that pure fishing has sold its' bussiness. hope they don't make much for changes!

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ocf1    0
ocf1

I sure hope no changes are made......its hard to go wrong with berkley, fenwich, abu garcia, stren, mitchell reels, and spiderwire!

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fishin58    1
fishin58

No kidding who bought em up. I see they were an Iowian company, I hope they stay in the U.S.

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Meat-Run    0
Meat-Run

Ya, who bought Pure Fishing? Anybody? Anybody????

confused.gif

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Deitz Dittrich    4
Deitz Dittrich

It was bought by Jarden Corp(Coleman outdoor products., for about 400 mill.)

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Ralph Wiggum    0
Ralph Wiggum

The Jarden Corp. today announced that it has acquired Pure Fishing and its brands that include Abu Garcia, Berkley, Mitchell, Stren, Trilene, and Gulp!.

Jarden Corp. also owns the Coleman Co., which yesterday signed a sponsorship agreement with FLW Outdoors. That agreement fueled speculation that it or its parent company (Jarden) might be looking to expand in the fishing market (see "Coleman and fishing" below). Pure Fishing is also an FLW Outdoors sponsor.

The news isn't a total surprise, since Pure Fishing underwent a recapitalization in 2003, the purpose of which many believed was to grow and then sell the company.

What effect the sale will have on current Pure Fishing sponsorships of leagues and pros isn't known at this time.

Along with Coleman and now Pure Fishing, Jarden owns many other consumer brands including Ball, Hoyle, FoodSaver, Mr. Coffee, Oster, and others.

According to a press release, Pure Fishing had 2006 revenue in excess of $250 million. Detailed terms of the transaction were not disclosed, but the purchase price consisted of $300 million in cash, a $100 million 5-year note with a 2% coupon, and warrants exercisable into Jarden common stock with a strike price of $45.32.

In addition to the upfront purchase price, a contingent purchase price payment based on the future financial performance of the acquired business may be paid.

The press release also said: "The Pure Fishing acquisition is consistent with the company's stated strategy of purchasing leading, niche consumer-oriented brands with attractive cash flows and strong management. Pure Fishing will be joining The Coleman Company, Inc. as part of the company's Outdoor Solutions segment and is an accretive acquisition before synergies."

Jarden chairman and CEO Martin E. Franklin said: "Pure Fishing is an excellent fit for Jarden and our Outdoor Solutions segment. We believe there are significant opportunities for future growth in the recreational fishing category, as well as cross-selling, channel expansion and geographical expansion opportunities with both our Coleman and Campingaz brands. As an established leader and an innovator in the specialty, sporting goods and mass channels for a number of decades, we believe Pure Fishing is well positioned to continue its growth and strong financial performance under Jarden and we welcome the entire Pure Fishing team to our company."

Franklin added: "We strategically raised capital in the 4th quarter of 2006 and opportunistically did so again earlier this year. With this transaction we're beginning to put the capital raised to good use as we continue to look for opportunities to increase shareholder value. We look forward to discussing our 1st quarter results with investors later this month and discussing the transaction in more detail at that time."

Gary A. Kiedaisch, Jarden Outdoor Solutions president, commented: "The strength of Pure Fishing's brands in combination with Coleman's vast product line provides us with an exceptional platform for the future growth of our Outdoor Solutions business. Leveraging the strengths of the Jarden, Coleman and Pure Fishing domestic and international operations will help us drive top-line growth, expand new product and brand offerings, while creating synergies and a greater level of innovation, responsiveness and service to retailers and consumers."

Pure Fishing chairman Tom Bedell, whose father founded the company, said: "We are proud of the business that we've built and believe that Jarden is the right company to take the business to the next level. Jarden's expertise in growing leading brands and access to capital will build upon the expertise and innovation we have at Pure Fishing. We also are extremely proud to partner with Coleman under the banner of Jarden Outdoor Solutions."

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reddog    0
reddog

Pure Fishing Purchased By Parent Company Of Coleman Outdoor Products

(Spirit Lake)-- One of Dickinson county's largest employers has been sold in a 400 million dollar cash transaction.

Jarden Outdoor Solutions Group announced this (Tuesday) afternoon it's purchased Spirit Lake-based Pure Fishing.

Tom Bedell, interim President of Pure Fishing, and Gary Kiedaisch, President of Jarden Outdoor Solutions, made the announcement at a joint press conference. Bedell says they've been in talks since last February and consumated the deal last Friday.

Bedell and Kiedaisch said no major changes will be made in Pure Fishing's operations as a result of the announcement. They said Pure Fishing's headquarters will remain in Spirit Lake and that it will be business as usual for the company.

Kiedaisch said putting Pure Fishing under the Jarden Outdoor Solutions umbrella, the parent company of Coleman Outdoor Products, is a natural and will be a win-win for everyone involved in the transaction. Combined, Kiedaisch said the two companies will have just under 1.2 billion dollars in revenue.

Kiedaisch says for what Pure Fishing could buy products for and what it could negotiate service contracts for was on a much smaller platform than what they do at Coleman. He says the Jarden company, with just under four billion dollars in annual revenue, adds even more synergy to the deal. Kiedaisch pledged to keep Pure Fishing operating as a separate company, with it's own independent President and headquarters in Spirit Lake. Bedell will continue to serve as Pure Fishing's President on an interim basis.

Kiedaisch added the acquisition of Pure Fishing will also give it access to capital for any future expansion possibility.

Pure Fishing employs about 450 people full-time at its Spirit Lake headquarters, along with some temporary help. The company operates in 19 other locations worldwide.

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ocf1    0
ocf1

Quote:

Bedell and Kiedaisch said no major changes will be made in Pure Fishing's operations as a result of the announcement. They said Pure Fishing's headquarters will remain in Spirit Lake and that it will be business as usual for the company.


YAY!!!

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Catcherman    0
Catcherman

Phew!

Yep - it's true.

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delmuts    19
delmuts

no kidding! i need to order some more power minnows. thanks RW !

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Central Bassman    0
Central Bassman

As long as they dont change anything ill be happy. I love there products cool.gif

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caseymcq    0
caseymcq

Quote:

As long as they dont change anything ill be happy. I love there products
cool.gif


Ditto!

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Daze Off    0
Daze Off

If it is true that there is a new sponsorship agreement with the FLW and if it is true that the FLW has banned GULP from tournament competition which is the story going around, how does this work itself out?

Daze Off

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Bobb-o    0
Bobb-o

I hadnt heard anything aboot the FLW banning Gulp, they had banned Foodsource lures, which is similar to Gulp.

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Meat-Run    0
Meat-Run

Well it makes sense because FLW, Walmart, Pure Fishing are all tied together. AND if you look at who is direct competition with GULP this would only be Food Source. Plus isn't Food Source claim that there product is 100% fish ingredients and oils??? They see it as "bait" which isn't allowed in bass tournements, right??? Something to think about.

mr confused.gif

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snoozebutton    7
snoozebutton

Not sure what everyone's excited about. I don't remember one buy-out that has benefited the consumer. Hope I'm wrong though.

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Meat-Run    0
Meat-Run

Quote:

Not sure what everyone's excited about. I don't remember one buy-out that has benefited the consumer. Hope I'm wrong though.


Unfortunetly my gut tells me that some of there product will make it over-sea's.

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burl    0
burl

Very few buyouts are good for the consumers or employees.Most companys are purchased to increase market share and elimate competiton usually resulting in higher product prices and less

jobs within the company over time.Burl.

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Catcherman    0
Catcherman

This is different than the scenario you're painting. You should consider that Jarden did not have a fishing tackle company before the purchase, so Pure Fishing becomes their fishing arm.

This should be a beneficial buyout by all accounts. I do see this benefiting the consumer, but time will tell.

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federline    0
federline

Time will tell, you know it. I hope you are right - I spend a big chunk of my wedded-bliss tackle allowance on their stuff... Gulp, Powerbait, Fireline, Trilene, Vanish, Frenzy, Lightning Rods, Cherrywood rods...

But I have to take the pessimist side - as someone else said, corporate takeovers and buyouts do one thing reliably - reduce product quality, raise prices, and kill customer service. It doesn't matter what the local intentions are, no management can sheild a business unit from what corporate HQ wants to do. And with Coleman, it is all about globalization, cheap products, big mark-up, and dominance = higher share price.

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MuskyBug85    0
MuskyBug85

i have to disagree here, when Pure Fishing bought Stren from Dupont there fishing line became much better, in addition Pure Fishing poured money into developing new lines for Stren i.e. Stren SuperBraid in cooperation with Joe Bucher. Some buy out benifit us. I dont intented to be a jerk or start a fight so please dont take it as that i just want us to remember that some times new management can fuel productivity. smile.gif Jonah

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federline    0
federline

Your not fighting, you are debating your point - thank God we live in America! So, the debate continues... :-) I'll believe this is a good takeover when I see it.

Pure Fishing buying Stren was a much different transaction than Jarden buying Pure Fishing:

An Iowa-based, privately-held fishing equipment concern doing business in the US, Northern Europe, and Taiwan (select and friendly commerce centers) buying an unwanted fishing line company (brothers in arms, both have passion for fishing) from another American outdoors company (Remington)

VS.

Jarden, a globalized and publicly-traded company that makes fire safety equipment, twine, playing cards, coffee makers, and camping gear, and... - Oh, and now they make fishing gear! The Jarden bedfellow WalMart doesn't inspire visions of quality, either.

Sorry if my negativity is too much, but this deal just doesn't have the makings of success for the finicky North American outdoorsman. Who would really want the success or failure of Mr. Coffee and Bee Playing Cards to potentially impact business decisions for Berkley tackle? They are all now part of a single portfolio being managed for profit, jumping when WalMart says "jump!"... Too cynical? Perhaps, but not far from the truth. It's hard to be optimistic about this!

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