[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
74°F
 
Calendar
Today in
S.C.V. History
October 21-22
2007 - Buckweed fire chars 38,000 acres, destroys 21 homes in Canyon Country and Agua Dulce [story]


cabelas[Bass Pro & Cabela’s, Oct. 3] – Bass Pro Shops and Cabela’s Incorporated, two iconic American outdoor companies with similar humble origins, and with a shared goal to better serve those who love the outdoors, announced Monday 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 addition, upon closing Bass Pro Shops will commence a multi-year partnership agreement with Capital One, National Association, a wholly-owned national banking subsidiary of Capital One Financial Corporation, under which Capital One will originate and service the Cabela’s CLUB, Cabela’s co-branded credit card, and Bass Pro Shops will maintain a seamless integration between the credit card program and the combined companies’ retail operations and deep customer relationships. All Cabela’s CLUB points and Bass Pro Shops Outdoor Rewards points will be unaffected by the transactions and customers can continue to use their credit cards as they were prior to the transaction. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

A driving force behind this agreement is the highly complementary business philosophies, product offerings, expertise and geographic footprints of the two businesses. The essence of both Bass Pro Shops and Cabela’s is a deep passion to serve outdoor enthusiasts and support conservation. 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.

Bass Pro Shops, Cabela’s and White River Marine Group represent the best of American entrepreneurship, innovation and devotion to customers. The combined companies will strive to provide a remarkably enhanced experience for customers, increased opportunities for team members and greater support for conservation activities.

CABELA’S

Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is a highly respected marketer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Today, Cabela’s has over 19,000 “outfitters” operating 85 specialty retail stores, primarily in the western U.S. and Canada. Cabela’s stores, catalog business and e-commerce operations will blend seamlessly with Bass Pro Shops and White River Marine Group. Over the past 55 years Cabela’s has built a passionate and loyal base of millions of enthusiasts who shop both at its retail stores and online.

BASS PRO SHOPS

Bass Pro Shops, founded in 1972 by avid young angler Johnny Morris, is a leading national retailer of outdoor gear and apparel, with 99 stores and Tracker Marine Centers located primarily in the eastern part of the U.S. and Canada. Morris started the business with eight square feet of space in the back of his father’s liquor store in Springfield, Mo., the company’s sole location for the first 13 years of business. Johnny’s passion for the outdoors and his feel for the products and shopping experiences desired by outdoor enthusiasts helped transform the industry. Bass Pro Shops, which employs approximately 20,000 team members, has been named by Forbes as one of “America’s Best Employers.” The company also operates Big Cedar Lodge, America’s Premier Wilderness Resort, welcoming more than one million guests annually to Missouri’s Ozark Mountains.

WHITE RIVER MARINE GROUP

In 1978, Morris revolutionized the marine industry when he introduced the world’s first professionally rigged and nationally marketed boat, motor and trailer packages. Tracker quickly became and has remained the number one selling fishing boat brand in America for the last 37 years running. White River Marine Group offers an unsurpassed collection of industry-leading brands including Tracker Boats, Sun Tracker, Nitro, Tahoe, Regency, Mako, Ranger, Triton and Stratos.

MANAGEMENT COMMENTARY

“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” said Tommy Millner, Cabela’s Chief Executive Officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers. In addition to providing significant immediate value to our shareholders, this partnership provides a unique platform from which our brand will be extremely well positioned to continue to serve outdoor enthusiasts worldwide for generations to come.”

“This opportunity would not be possible without the contributions of the many wonderful Cabela’s, Bass Pro Shops and White River team members,” Morris said. “All three companies are blessed to have been built by the extraordinary efforts of many tremendously talented, dedicated people throughout our respective histories, and we’re thrilled to consider what the combined team can achieve going forward.”

Following the closing of the transaction, Bass Pro Shops intends to celebrate and grow the Cabela’s brand and 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 appreciates and understands the deep ties between Cabela’s and the community of Sidney, Nebraska. Dick, Mary and Jim Cabela founded their company in Sidney in 1961, and the company has flourished with its base of operations there ever since. Bass Pro Shops intends to continue to maintain important bases of operations in Sidney and Lincoln and hopes to continue the very favorable connections to those communities and the Cabela’s team members residing there.

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. Morris earned a reputation as a leading retailer and conservationist. In 2008, the National Retail Federation named him as Retail Innovator of the Year. In 2015, the same organization named him as one of 25 People Shaping the Future of Retail in America. In 2012, The Association of Fish and Wildlife Agencies named Morris Citizen Conservationist of the Year.

“Conservation is at the heart and soul of Bass Pro Shops. Bass Pro Shops and Cabela’s share a steadfast belief that the future of our industry, and the outdoor sports we all love, depends – more than anything else – on how we manage our natural resources,” said Morris. “By combining our efforts, we can have a profound positive impact on the conservation challenges of our day and help foster the next generation of outdoor enthusiasts.”

PREFERRED FINANCING

Bass Pro Shops is proud to have secured preferred equity financing from the Merchant Banking Division of Goldman Sachs and Pamplona to facilitate the transaction. Goldman Sachs has committed $1.8 billion and Pamplona has committed $600 million for a total preferred financing commitment of $2.4 billion.

The Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world, focusing on assisting large, high-quality companies with best-in-class management teams to achieve their growth objectives. The division brings significant experience and a strong track record of success in supporting industry-leading founder-led businesses. Pamplona Capital Management is a New York and London based specialist investment manager established in 2005. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV, LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.

TRANSACTION DETAILS

The transaction provides Cabela’s shareholders with a premium of 19.2% to Cabela’s closing share price on Sep. 30, 2016, the day prior to announcement of the transaction, 39.7% to the closing share price on Dec. 1, 2015, the day before Cabela’s announced its exploration of strategic alternatives and 57.1% to the 90-day volume weighted trading average prior to Dec. 1, 2015. Immediately prior to closing, Capital One will acquire certain assets and assume certain liabilities of Cabela’s World’s Foremost Bank. The cash proceeds from this transaction will remain with Cabela’s until it is acquired by Bass Pro Shops.

The transaction agreements were unanimously approved by Cabela’s Board of Directors following a comprehensive review of strategic and financial alternatives.

The transaction, which is expected to close in the first half of 2017, will be completed through a cash merger and is subject to approval by Cabela’s shareholders, as well as regulatory approvals and other customary closing conditions.

J.P. Morgan served as exclusive financial advisor to Bass Pro Shops and Latham & Watkins served as Bass Pro Shops’ legal counsel, with expert assistance from O’Melveny & Myers. Goldman, Sachs & Co. served as financial advisor to The Merchant Banking Division of Goldman Sachs and Davis Polk & Wardwell LLP served as legal advisor. Goldman, Sachs & Co. also served as advisor to Bass Pro Shops on the bank transaction, and Morrison & Foerster served as legal counsel. BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, UBS Securities LLC, and Goldman Sachs are providing debt financing to support the transaction.

Guggenheim Securities served as exclusive financial advisor to Cabela’s and Sidley Austin LLP and Koley Jessen P.C., L.L.O. served as Cabela’s legal counsel.

The Kessler Group and Credit Suisse acted as financial advisers to Capital One and Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

7 Comments

  1. Dan Spindler Dan Spindler says:

    Wow end of an excellent stire6

  2. Patrick Petrelli Katie Petrelli Shannon Petrelli

  3. Maria Ramos Maria Ramos says:

    Paul Ramos Eddie Trujillo

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
STOCKS OF LOCAL INTEREST
Bank Santa Clarita17.251  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0355  chart -11.25%
Sierra Bancorp27.65  chart -0.22%
Cu Bancorp (ca)37.50  chart +1.63%
Flex Ltd. - Ordinary Shares17.78  chart +0.40%
Mission Vly Bcp Ca14.20  chart +0.50%
Quest Diagnostics Incorporated95.08  chart +1.98%
Tejon Ranch Co19.38  chart +0.73%
Us Energy Initiative0.0007  chart +0.00%
Wesco Aircraft Holdings, Inc.9.50  chart +0.53%

Apple Inc.156.25  chart +0.17%
At&t Inc.35.54  chart -0.42%
Autonation, Inc.45.50  chart +2.20%
Best Buy Co., Inc.55.83  chart +0.67%
Big Lots, Inc.52.52  chart +0.92%
Barnes & Noble, Inc.7.35  chart +2.08%
Brady Corporation38.40  chart +0.26%
Boston Scientific Corporation29.69  chart +0.41%
Brookfield Asset Management Inc42.89  chart +0.02%
Cbre Group Inc Class A40.24  chart +0.57%
Carnival Corporation65.88  chart +0.14%
Comcast Corporation37.22  chart +0.87%
Costco Wholesale Corporation160.77  chart +1.46%
Curtiss-wright Corporation114.08  chart +0.80%
Cvs Health Corporation76.49  chart +2.49%
Cemex, S.a.b. De C.v. Sponsored7.96  chart -1.61%
D.r. Horton, Inc.42.67  chart +0.33%
Walt Disney Company (the)99.40  chart +0.39%
Edison International79.60  chart +0.16%
Hyatt Hotels Corporation Class 61.85  chart -0.02%
Home Depot, Inc. (the)163.43  chart +0.12%
Kb Home27.05  chart +0.07%
Kroger Company (the)21.02  chart +0.62%
Lennar Corporation Class A57.50  chart +1.32%
Laboratory Corporation Of Ameri151.72  chart +0.26%
Lowe's Companies, Inc.80.04  chart -1.51%
Mannkind Corporation4.11  chart +3.79%
Marriott International115.02  chart -0.16%
Mcdonald's Corporation166.30  chart -0.12%
Mitsubishi Ufj Financial Group,6.51  chart +0.46%
Netflix, Inc.194.16  chart -0.50%
Office Depot, Inc.3.78  chart +3.00%
Rite Aid Corporation1.78  chart -2.73%
Rexford Industrial Realty, Inc.29.91  chart -0.20%
Regal Entertainment Group Class16.29  chart -1.63%
Ross Stores, Inc.64.23  chart +1.33%
Republic Services, Inc.64.19  chart +0.85%
Starbucks Corporation54.57  chart -1.50%
Smart & Final Stores, Inc.7.00  chart -0.71%
Sears Holdings Corporation6.55  chart +8.09%
Six Flags Entertainment Corpora60.82  chart +0.28%
Sonova N171.80  chart -0.87%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation6.68  chart -0.15%
Target Corporation61.76  chart +2.20%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.204.84  chart +0.11%
Walgreens Boots Alliance, Inc.68.06  chart +1.28%
Waste Connections, Inc.70.60  chart -0.25%
Whole Foods Market, Inc.41.99  chart -100.00%
Waste Management, Inc.77.73  chart +0.47%
Wal-mart Stores, Inc.87.44  chart +1.20%
Woodward, Inc.81.36  chart +1.06%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
2007 - Buckweed fire chars 38,000 acres, destroys 21 homes in Canyon Country and Agua Dulce [story]
Tonight on SCV NewsBreak, a sexual assault suspect was arrested Thursday night. Plus, some great weekend events. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, October 20, 2017
Forever Fit SCV, a Santa Clarita sports and personal fitness training company, will host a "Pumpkin Workout" at its Centre Pointe location on Saturday, October 28, starting at 9 a.m.
Oct. 25: Pumpkin Workout Benefits American Cancer Society
The next regular meeting of the Governing Board of the William S. Hart Union High School District is set for Wednesday, Oct. 25 at 7 p.m.
Oct. 25: Hart School District Governing Board Meeting
The LA County Public Defender has won the Silver Eagle Award for its Public Defender Jail Liaison Program during the 31st Annual Productivity and Quality Awards Ceremony on Oct. 18 at the Dorothy Chandler Pavilion.
LA County Public Defender Soars with Silver Eagle Award
The Los Angeles County Health Officer has issued a heat alert as high temperatures have been forecast for the Los Angeles Basin on Monday, October 23 through Tuesday, October 24.
Heat Alert for SCV, L.A. County on Monday, Tuesday
The Academy Museum of Motion Pictures has received three major gifts toward the creation of the museum in Los Angeles, bringing fundraising to more than $300M, nearly 80 percent of its $388M campaign goal.
Motion Picture Museum Nears $388M Campaign Goal
Caltrans added nearly 1,200 lane miles of pavement repair and 66 bridges to its growing list of projects to be delivered sooner than planned, thanks to the imminent influx of revenue from the Road Repair and Accountability Act of 2017 (SB 1), the transportation funding and reform package passed in April.
Nearly $3.4 Billion in Transportation Projects to Be Accelerated
The city of Santa Clarita and SCV Veterans Memorial, Inc. invite the public to attend a special ceremony unveiling the new Fallen Warriors Monument at Veterans Historical Plaza in Newhall on Wednesday, November 8 starting at 10 a.m.
Nov. 8: City Unveils Fallen Warriors Monument in Newhall
Crime Prevention deputies from the Santa Clarita Valley Sheriff's Station along with Los Angeles County Probation Department officers conducted probation compliance searches Friday throughout the Santa Clarita Valley.
SCV Deputies Check Probationers, Aid in Domestic Violence Call
Here is the Santa Clarita Valley Sheriff Station's public safety report for Canyon Country (West), aka Zone 7, for October 2 through October 8, 2017
Crime Blotter: Robbery, Grand Theft in Canyon Country West
A suspect has been arrested in the investigation of an alleged sexual assault, according to Santa Clarita Valley Sheriff's Station officials.
Suspect Arrested in Alleged Sexual Assault
Motor vehicle collisions are the leading cause of death for teens in the United States and a concern the California Highway Patrol addresses with its "Start Smart" program.
CHP Helps New Drivers with ‘Start Smart’ Classes
The California High-Speed Rail Authority punted one of the most important decisions during its monthly meeting Thursday, stoking concerns the entity is not moving quickly enough on the $64 billion project.
California’s Bullet Train Board Delays Award of Key Contract
An extensive investigation by the county of Los Angeles Department of Consumer and Business Affairs in conjunction with the office of California Attorney General Xavier Becerra has resulted in a lawsuit announced today by the Attorney General against retailer Curacao.
AG Sues Retailer Curacao for Allegedly Preying on Consumers
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [story]
CHESTERFIELD, MO — NewGround, a St. Louis-based experiential design-build firm, recently teamed up with Logix Federal Credit Union to work on a large scale facility project, a new corporate headquarters building for the full-service credit union in the Burbank, California area.
Valencia Will Soon be Home to Logix Federal Credit Union Headquarters
The CSUN women's volleyball team (10-9, 4-3 Big West) opens the second half of the Big West season this week as the Matadors head up the coast this week for road tests at No. 23 Cal Poly (17-2, 7-0 Big West) and UC Santa Barbara (4-15, 3-4 Big West). CSUN, coming off a tough five-set loss to Hawai'i at home, is 3-4 in seven road matches this season but has won two of three Big West road contests.
Matadors Volleyball Testing Their Skills on the Road
No. 5 College of the Canyons defeated L.A. Mission College 3-0 on Wednesday to earn its eighth consecutive match and fifth straight sweep. Set scores were 25-15, 25-11, and 25-20.
Cougars Volleyball Earns Fifth Straight Sweep
CSUN Women's Soccer (7-4-5, 3-1-1 BWC) looks to move up in the Big West standings this week as it hosts UC Irvine on Thursday at 7:00 p.m.
Matadors Get Ready for Big West Matchups
Behind Julio Rubio's goal in the 11th minute CSUN defeated UC Riverside 1-0 in Big West Conference men's soccer action Wednesday night.
Matadors Lone Goal Enough to Hold Off UC Riverside
Northridge, CA – CSUN Athletics officially opened its new satellite athletic training facility on Thursday at an event featuring Athletic Director Dr. Brandon Martin, Assistant Athletic Director for Sports Medicine/Head Athletic Trainer Steven Grech, student-athletes, coaches, staff and campus partners.
Matadors Student-Athletes Welcome New Training Facility
Want unique gifts and a shopping experience unlike any other?
Nov. 18-19: City’s Annual Two-Day Fine Craft Show
City officials gathered Wednesday for the Grand Opening of "Three Oaks," the first 100 percent affordable family development in Santa Clarita.
Affordable Housing Comes to Santa Clarita
The Gibbon Conservation Center will celebrate Halloween for the first time on Saturday, Oct. 28 from 10:00 a.m. - 1:00 p.m.
Oct. 28: Gibbon Conservation Center Celebrates First Halloween
California State University, Northridge is partnering with the California State University Entertainment Alliance to host a morning of workshops designed to offer students and members of the public advice on building successful careers in the entertainment industry.
Oct. 23: CSUN Workshop; Succeeding in Entertainment Industry
Spotlight Arts Center, a local non-profit that provides free performing and visual arts classes to children in the Santa Clarita Valley, will hold its Fall Festival, Sunday, Oct. 22 from 11:00 a.m. - 3:00 p.m.
Oct. 22: Fall Festival Spotlight Arts Center
The College of the Canyons Athletics department is inviting all players, coaches and cheerleaders associated with a Santa Clarita Valley youth sports league or cheer organization to attend Saturday's Cougar football game free of charge.
Oct. 21: SCV Youth Teams Invited to Free COC Football Game
College of the Canyons freshmen Joanna Roecker and Cassandra Lee both turned in scores of 79 to lead the Cougars to a second place team finish at the Western State Conference (WSC) event hosted by Glendale College at Brookside Golf Course on Monday.
COC Falls Short at WSC Glendale
Beginning Monday, October 23, 2017, the city of Santa Clarita will increase the frequency of street sweeping throughout all areas of the City.
Oct. 23: City Begins Increased Street Sweeping Frequency
In a battle for Western State Conference, East Division supremacy, it was College of the Canyons that came out on top Tuesday night, as the Cougars scored two second half goals to secure a 2-0 win against visiting Antelope Valley College. Justine Hoeft and Jennifer Roney collected goals for the Cougars (11-2, 2-0).
COC Secures Win Against AVC With Two Second-Half Goals
The upcoming 10-year anniversary of the Buckweed Fires offers Santa Clarita residents a reminder of the ever-present fire danger in Los Angeles County, as blazes ravage the northern half of the state, as well.
Officials Reflect on 10-Year Anniversary of Buckweed Fires
Deputies from the Santa Clarita Valley Sheriff's Station, with help from a Smartphone GPS system, were able to locate a lost hiker Wednesday night at Towsley Canyon.
Smartphone GPS Locates Lost Towsley Canyon Hiker
Dreamation Craft Guild will be hosting a boutique at Canyon High School, Nov. 18, from 10:00 a.m. – 3:00 p.m. to benefit the family of John Phippen, the Santa Clarita resident who was killed in the Las Vegas shooting.
Nov. 18: Holiday Marketplace Benefiting John Phippen Family
SACRAMENTO, Calif. – To ensure drivers, passengers, and children are properly restrained while traveling California’s roadways, the California Highway Patrol (CHP) has partnered with the California Office of Traffic Safety on a new traffic safety campaign entitled, “California Restraint Safety Education And Training” (CARSEAT).
CHP’s New Traffic Safety Campaign Focuses on Saving Lives, Reducing Injuries