CLAR - Clarus Completes Sale of Precision Sport Segment to JDH Capital | Benzinga
SALT LAKE CITY, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ:CLAR) ("Clarus" and/or the "Company"), a global company focused on the outdoor and consumer enthusiast markets, today announced that it has completed the sale of its Precision Sport segment, which is comprised of Sierra Bullets, L.L.C. and Barnes Bullets – Mona, LLC, to Bullseye Acquisitions, LLC, an affiliate of JDH Capital Company.
The Company sold its Precision Sport segment for approximately $175 million and used a portion of the proceeds to retire in full all of the Company's outstanding debt as of February 29, 2024. In connection with the repayment of the outstanding debt in full, the Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, was terminated.
As previously announced, the Company will hold a conference call on Thursday, March 7, 2024, at 5:00 pm ET to discuss its financial results for the fourth quarter and full year ended December 31, 2023, and host an investor day on Monday, March 11 in New York City.
Kane Kessler, P.C. acted as legal advisor to the Company in the transaction, Richards, Layton & Finger, P.A. acted as legal advisor to a special committee of independent directors of the Company (the "Special Committee") and Houlihan Lokey acted as financial advisor to the Special Committee.
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