Last week Vista Outdoor, Camp Chef’s parent company, rejected MNC Capital’s latest acquisition offer and announced another $2 billion offer for their Kinetic Group. Just one week later, Vista Outdoor has announced that the new offer is purportedly being blocked by MNC Capital.
The Company has learned that MNC has alleged that the alternative party violated certain contractual agreements between the alternative party and MNC that purportedly restricted the alternative party’s ability to submit an offer for the Kinetic Group. Vista Outdoor only became aware of these agreements last week and understands they were entered into in connection with MNC’s and the alternative party’s consideration of a joint bid for The Kinetic Group as part of the prior sales process for that business in 2023. Vista Outdoor understands that the alternative party disputes the merits of MNC’s allegations.
Vista Outdoor
The alternative has been reported to be Jeffrey Hildebrand and his JDH Capital family office. To summarize the quote above, JDH and MNC went together for a joint bid for Vista’s Kinetic Group last year. The deal fell apart and MNC is alleging that whatever agreement they entered into with JDH prohibits them from acquiring the Kinetic Group.
Vista is moving on from the latest offer and sticking with selling their Kinetic Group to Czechoslovak Group (CSG). This deal would see Camp Chef and the rest of Revelyst go public and receive proceeds from the deal.
While it is unfortunate that MNC apparently caused the alternative party’s indication of interest to be withdrawn, we firmly believe that completing the transaction with CSG will be a great outcome for our stockholders. CSG will be an excellent owner of The Kinetic Group with a strong commitment to U.S. manufacturing and its American workforce and deep expertise in supply chain excellence, ammunition manufacturing and support for NATO and allied nations. We look forward to a successful shareholder vote on July 2 and remain confident that the transaction with CSG will receive clearance from CFIUS.
Michael Callahan, Chairman of the Board