In a move long anticipated, Brunswick Corporation has announced the sale of its bowling products division.
It was announced today that Brunswick Bowling Products has been acquired by BlueArc Capital Management LLC, a private investment firm based in Atlanta, Ga. Brunswick, a worldwide market leader in bowling products, is based in Muskegon, Mich. Employees reportedly were told of the sale on Friday.
BlueArc completed the acquisition with investments from Gladstone Investment Corporation, a publicly traded business development company in McLean, Va., and Capitala Finance Corp., a business development company in Charlotte, N.C.
“Brunswick is a great fit for us,” said Michael Roher, Managing Partner of BlueArc's private equity business. “We focus on investing in well-established, market-leading companies and helping them innovate and grow over time. The brand, the products and the management team all demonstrate the high performance attributes we seek within our portfolio companies.”
Gladstone Investment Corp. issued its own press release on the acquisition, and it included this quote from Managing Director, Kyle Largent: "Brunswick is a brand with an outstanding legacy and the leading position in its market. We look forward to working with the management team and our investment partners, BlueArc and Capitala, to build on that foundation."
Brent Perrier, Chief Executive Officer of Brunswick Bowling Products, said that BlueArc was an obvious choice of Brunswick’s management team throughout the sale process.
“Brunswick Bowling Products has been known for quality products and innovation for 125 years,” he said. “We’re excited to be associated with BlueArc… Their commitment to our business is a very positive sign to the entire industry.”
Added Brunswick Chairman and Chief Executive Officer Dustan McCoy: “We are pleased that the buyers are long-term investors and that the Brunswick name and all that it stands for will carry on and continue to set the standard in the bowling industry.”
Brunswick Bowling Products’ headquarters will remain in Muskegon, Mich., with manufacturing operations in Szekesfehervar, Hungary, and Reynosa, Mexico.