KIMT News 3 – Bass Pro Shops announced Monday that it will acquire competitor Cabela’s for $5.5 billion and the two brands will coexist alongside each other.
Bass Pro Shops is committed to “celebrate and grow” the Cabela’s brand. Bass Pro Shops has 99 stores and Cabela’s has 85. The deal is expected to be finalized in early 2017.
According to a news release, the driving forces behind the agreement are “complementary businesses philosophies, product offerings, expertise and geographic footprints.” The combination brings together Cabela’s, a leader in hunting; Bass Pro Shops, a leader in fishing; and White River Marine Group, a leader in boating, which is part of Bass Pro Shops.
Management comment is below:
“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”