Bass Pro Shops Reels In Cabela’s

Bass Pro Shops and Cabela’s Incorporated announced that they have entered into a definitive agreement under which Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion.

In a joint press release issued on Oct. 3, Bass Pro Shops and Cabela’s refer to themselves as “two iconic American outdoor companies with similar humble origins, and with a shared goal to better serve those who love the outdoors.” The essence of both Bass Pro Shops and Cabela’s is a deep passion to serve outdoor enthusiasts and support conservation.

Following the closing of the transaction, Bass Pro Shops intends to grow the Cabela’s brand and said it will build on qualities that respective customers love most about Cabela’s and Bass Pro Shops. In addition, Bass Pro Shops recognizes the strength of Cabela’s CLUB Loyalty program and intends to honor Cabela’s customer rewards and sees potential over time to expand the program in the combined company.

Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity, which will remain a private company with a continuing long-term view of supporting the industry and conservation.

A driving force behind Bass Pro Shops’ acquisition of Cabela’s is the highly complementary business philosophies, product offerings, expertise and geographic footprints of the two businesses. The combination brings together three of the nation’s premier sporting brands: Cabela’s, a leader in hunting; Bass Pro Shops, a leader in fishing; and White River Marine Group, a worldwide leader in boating, which is part of Bass Pro Shops.

With an estimated $4.5 billion in revenues, Bass Pro Shops is ranked 94 on Forbes’ America’s Largest Private Companies list for 2016. Cabela’s .

According to its 10-K filed Feb. 22,

The direct segment of Cabela’s generated revenue of $823 million in 2015, which was down 3.3% from the prior year, and represented 23.6% of its $2,658,853 total revenue.

Cabela’s-branded products totaled approximately 24% of the company’s merchandise revenues.

Cabela’s operates distribution centers in Sidney, NE; Prairie du Chien, WI; Wheeling, West WV; Tooele, UT; and Puyallup, WA. Its DCs comprise approximately 3.7 million square feet of warehouse space for its retail store replenishment and direct business activities.

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