Fenway Partners-backed BRG Sports exits action sports business
February 29, 2016
BRG Sports, a portfolio company of Fenway Partners and Ontario Teachers' Pension Plan, has agreed to sell its action sports business to Vista Outdoor (NYSE: VSTO) for $400 million in cash, plus an earn-out related to future performance. Vista Outdoor will incorporate the acquired brands into its outdoor products segment. The sale price represents an effective multiple of about 10x the expected EBITDA for the action sports business in 2016. Ropes & Gray advised BRG Sports on the deal, which is expected to close within the next two months.