LAKE FOREST, Ill. – Brunswick Corporation (NYSE: BC) today announced it has completed the sale of its Bowling Products business to BlueArc Capital Management, LLC, a private investment firm based in Atlanta. Terms of the transaction were not disclosed.
"We are pleased that the buyer is a long-term investor and that the Brunswick name and all that it stands for will carry on and continue to set the standard in the bowling industry," explained Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
In 2014, Brunswick completed the sale of its retail bowling centers to Bowlmor AMF, and now reports the historical results of both the bowling retail and products businesses as discontinued operations.
Brunswick anticipates net proceeds from both of these sales actions, which reflect current estimates of taxes and liabilities yet-to-be paid, to be in the $270 to $290 million range provided in the company's original projections.
Brunswick's capital strategy prioritizes growth investments and acquisitions in the marine and fitness segments, maintaining a strong balance sheet and returning cash to our shareholders, McCoy reiterated.
Lazard served as exclusive financial advisor to Brunswick Corporation.