MINNEAPOLIS--(BUSINESS WIRE)--Norwest Equity Partners (“NEP”), a leading middle market equity investment firm, has announced that its portfolio company, BOWTECH (or “the Company”), a leading archery equipment manufacturer, has acquired Excalibur Crossbow, a leading crossbow manufacturer. The transaction closed on December 31, 2013. BOWTECH was a former subsidiary of Savage Sports Corporation until June 2013 when Savage was acquired by Alliant Techsystems, Inc. (ATK) and BOWTECH was spun out and retained by NEP as a standalone portfolio company.
Excalibur’s expertise, quality and innovation in recurve crossbows and archery accessories segments align perfectly with BOWTECH’s leadership position in the compound bow category. This strategic acquisition allows BOWTECH to provide the industry’s broadest assortment of high quality brands and products to customers.
“BOWTECH brings the most innovative design and technology to the compound bow category. Excalibur shares these values and its recurve crossbows are the finest in the market. Excalibur is a perfect addition to our company’s product and brand portfolio,” said Ron Johnson, CEO of BOWTECH.
“The combination of these two companies is a perfect partnership for both to leverage each other’s reputation and position in the archery industry. Together they are well-positioned for continued success and will benefit from their respective product lines and brands – it is a win-win outcome for both businesses,” stated Tim DeVries, NEP Managing General Partner and BOWTECH board member.
Founded in 1999 and headquartered in Eugene, Oregon, BOWTECH serves the archery and outdoor industries and manufactures and distributes the world’s finest compound bows and archery related equipment. The Company has a worldwide, multi-channel distribution network and sells products under the BOWTECH, Diamond, Stryker, and Octane brand names.
Excalibur manufactures and distributes efficient, reliable, and accurate hunting recurve crossbows and other archery accessories to customers worldwide. Excalibur is located in Kitchener, Ontario, Canada and was founded in 1983.
“By bringing these companies together we will be better positioned to offer our customers and consumers more comprehensive and innovative archery product solutions and services. We plan to continue operating both companies while sharing and leveraging our significant expertise, industry know-how, and talented employees,” Johnson continued.