Utah-based Clarus Corporation, parent company of Black Diamond, Pieps, Sierra Bullets and Skinourishment, entered into an agreement with three of its top 10 investors - Brown Advisory, Greenhouse Funds and TT Investimentos - to sell 900,000 registered shares of the company to support future growth. The sale will be priced at $12.75 per share for total proceeds of approximately $11.5 million. The net proceeds will be used for working capital and general corporate purposes. Shortly after the transaction, Sierra was allowed to take over certain assets relating to a brand of specialty hunting bullets, Barnes, for $30.5 million in cash. The brand generated sales of $21.8 million last year. The sale of Barnes was made through a bankruptcy auction organized by Remington Outdoor Company, which has also led to the acquisition of its other ammunition and accessories businesses by Vista Outdoor for $81.4 million. At a recent presentation at the Gateway Conference in San Francisco, Clarus had described the Covid-19 pandemic as a “potential blessing” for Black Diamond and Sierra as new and former customers increasingly turned to the outdoors (including hunting, in North America) during the lockdown.
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