Wachovia Capital Partners, the private equity arm of Wachovia Corporation (NYSE:WB), one of the nation’s largest diversified financial services companies, has acquired a majority stake in Rochester-based Crosman Corporation, a worldwide designer, manufacturer and marketer of products for the shooting sports. The transaction will provide Crosman with the necessary funding for growth. The company’s current management will retain a strong equity position in the company and continue running day-to-day operations.
According to Crosman president and CEO, Ken D’Arcy, the partnership with Wachovia Capital Partners will allow Crosman to build on its 80-plus year history of success. “Crosman has become the standard in airgunning. The company has a record of growth through producing and marketing high quality, innovative products that provide a gateway to a lifetime of safe, enjoyable shooting. Our new equity partners recognize the company’s potential and will provide us with the financial support to grow through product extension and acquisition. We’re very proud to welcome Wachovia to our campaign to enhance both the company and the future of shooting.”
Art Roselle, Partner in Wachovia Capital Partners, echoed D’Arcy’s sentiments. “We’re excited about the opportunities we see as Crosman’s equity partner. The company has a strong authentic brand, an exceptional management team and longstanding customer relationships. The consumer franchise is among the best in the business and Wachovia is proud to be associated with such an exciting and growing business,” he said.
Wachovia Capital Partners (“WCP”) is the private equity and mezzanine investing arm of Wachovia Corporation, the fourth largest bank holding company in the United States. Since WCP’s inception in 1988, it has invested over $3 billion in capital in over 200 middle market companies and has generated consistently high returns on invested capital. WCP’s current investment portfolio is nearly $1 billion and WCP expects to invest $250 to $350 million annually. As a result, WCP can provide its portfolio companies with significant capital both at the time of initial investment and in support of future growth opportunities.
WCP invests across six industry groups: Consumer Products & Retail, Energy, Financial Services, Growth Industrial & Business Services, Healthcare, and Media & Communications. Previous experience in the consumer products and retail space include Bell Sports, Inc., Cabela’s, Inc., and DRL Holdings, Inc.
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Rochester, N.Y.-based Crosman Corporation is an international designer, manufacturer and marketer of Crosman and Benjamin airguns, CenterPoint Precision Optics Riflescopes and the Game Face Paintball line of products. Crosman is also the exclusive worldwide licensee for Remington airguns and soft air products. The company is privately held.