Weeks of industry rumors have proven true, and the following press release from American Outdoor Brands Corporation, parent company of Smith and Wesson, came across TTAG’s blotter yesterday (though the news was made public late last week). The short version: AOBC has purchased Gemini Technologies, Inc., AKA GEMTECH.
The full press release follows . . .
Smith & Wesson Corp. to Acquire Gemini Technologies Asset Acquisition Will Add Leading Suppressor Brand to Smith & Wesson Firearms Platform
SPRINGFIELD, Mass., July 5, 2017 — American Outdoor Brands Corporation (NASDAQ Global Select: AOBC), a leading manufacturer of firearms and a provider of quality accessory products for the shooting, hunting, and rugged outdoor enthusiast, today announced that its firearms business, Smith & Wesson Corp., has agreed to acquire substantially all of the assets of Gemini Technologies, Incorporated (“Gemtech”), a provider of high quality suppressors and accessories for the consumer, law enforcement, and military markets.
James Debney, President and CEO of American Outdoor Brands, said, “Gemtech is widely recognized for producing some of the finest rifle and pistol suppressors in the market. Gemtech’s strong product development capabilities, combined with our experience in brand management and our manufacturing expertise, will help us to efficiently develop both firearms and suppressors, minimizing our time to market for both product categories. We view this acquisition as opportunistic, allowing us to enter the suppressor category, which resonates strongly with our core firearm consumer, at a time when the market is particularly soft. These elements combine to make Gemtech an excellent fit with our long term strategy.”
The company intends to complete the acquisition of Gemtech utilizing cash on hand and expects the transaction to close this summer. Ron Martinez, President of Gemtech, will continue in his leadership role as General Manager, heading up thecompany’s strong team located in Eagle, Idaho.
About Gemini Technologies, Incorporated
Gemini Technologies, known as Gemtech, began as a group of leading designers with roots in the suppressor business going back to 1976. Gemtech’s world-class suppressors are in use with all branches of the U.S. military and are also in use by many special operations forces, military, and police around the world. Based in Eagle, Idaho, Gemtech is an International Organization for Standardization (ISO) 9001:2008 certified company and maintains effective rigorous quality assurance systems and processes. For more information visit Gemtech online at https://gemtech.com.
About American Outdoor Brands Corporation
American Outdoor Brands Corporation (NASDAQ Global Select: AOBC) is a provider of quality products for shooting, hunting, and rugged outdoor enthusiasts in the global consumer and professional markets. The company reports two segments: Firearms and Outdoor Products & Accessories. Firearms manufactures handgun and long gun products sold under the Smith & Wesson®, M&P®, and Thompson/Center Arms™ brands as well as provides forging, machining, and precision plastic injection molding services. Outdoor Products & Accessories provides shooting, hunting, and outdoor accessories, including reloading, gunsmithing, and gun cleaning supplies, tree saws, vault accessories, knives, laser sighting systems, tactical lighting products, and survival and camping equipment. Brands in Outdoor Products & Accessories include Smith & Wesson®, M&P®, Thompson/Center Arms™, Crimson Trace®, Caldwell® Shooting Supplies, Wheeler® Engineering, Tipton® Gun Cleaning Supplies, Frankford Arsenal® Reloading Tools, Lockdown® Vault Accessories,Hooyman® Premium Tree Saws, BOG POD®, Golden Rod® Moisture Control, Schrade®, Old Timer®, Uncle Henry®, UST™, and Imperial™. For more information on American Outdoor Brands Corporation, call (844) 363-5386 or log on to www.aob.com.