Brunswick Corp. announced today that it 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," Brunswick chairman and CEO Dustan E. McCoy said in a statement.
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 range of $270 million to $290 million that was 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 shareholders, McCoy reiterated.
Lazard served as exclusive financial adviser to Brunswick.