On Friday, Pure Fishing announced the purchase - and sale- of Plano Synergy Holdings.

That’s not an error.

They bought 100% of Plano Synergy Holdings, then announced the sell-off of the archery and accessories business.

Ultimately, Pure Fishing added to their already substantial holdings, while contributing to the growth of another swelling outdoor group.

PF gets -and keeps - the Plano and Frabill brands across the global tackle market along with the Creative Options and Caboodles brands, then gets a significant chunk of their cash back via the sales of everything else to GSM Outdoors.

It represents the continuing consolidation of the outdoor segments into uber-groups (Pure Fishing/GSM Outdoors) and the quiet recognition of investment groups that there’s money in the outdoor segment. Private equity firm Sycamore Partners owns Pure Fishing, GSM Outdoors has “partnered” with Gridiron Capital.

According to Pure Fishing’s Harlan Kent, the acquisition “allows Pure Fishing to continue to build on its industry-leading position within the fishing industry.” That’s something he says remains “a priority for the company.” Obviously so, as it is PF’s third significant acquisition in two years of Sycamore ownership.

By PF’s shedding of Plano’s non-fishing brands, GSM Outdoors adds Wildgame Innovations, Ameristep, Tenzing, Zink, Halo Optics, Flextone, Avian X, Evolved, Barnett and Zero Trace to its existing portfolio of 33 hunting- and shooting-related brands. It’s the fourth acquisition by GSM Outdoors under the Gridiron Capital partnership.

The acquisitions are significant on two levels: it gives two already powerful groups even more leverage in their dealings with distributors/retailers, offering what could be described as one-stop shopping for fishing/hunting categories, and, perhaps more significantly, it shows that investment groups are actually more interested in the potential of profit than virtue signaling.

Sycamore’s investors include “leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds.” Gridiron Capital is an investment firm that focuses on “partnering with founders, entrepreneurs, and management teams” looking to grow into leaders in the Business-to-Business (wholesale) and Business-to-Consumer (retail) categories. GSM’s part of a group of varied companies, from GSM’s outdoor portfolio to Dent Wizard’s automotive reconditioning services and Legility’s “technology-enabled legal services.”

Meanwhile, Washington seems primed for a very loud fight over gun mufflers. Yep, suppressors are back in the news. While it seems anti-gun pols are out to do away with the “can” if they can, another group of legislators are telling them to “SHUSH”.

On the negative, Senators Dianne Feinstein (D-CA), Bob Menendez (D-NJ) and Congresswoman Bonnie Watson Coleman (D-NJ) introduced the Help Empower Americans to Respond (HEAR) Act. In a nutshell, it would ban the “importation, sale, manufacturing transfer and possession of gun silencers or suppressors.” It’s also supported by cosponsoring Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Ed Markey (D-Mass.) and Alex Padilla (D-Calif.)

On Thursday, Sen. Mike Lee (R-Utah) introduced the Silencers Helping Us Save Hearing Act of 2021, or SHUSH Act, a bill to eliminate the “unnecessary regulation of suppressors.”

The SHUSH Act is cosponsored by Sens. Ted Cruz (R-Texas) and John Cornyn (R-Texas), and the House companion legislation is sponsored by Rep. Bob Good (R-Va.).

These two pieces of legislation pretty much sum up the state of the country today.

There’s no space for moderation. Either you’re for something or you’re against it.

And the stage seems set for what insiders apparently see as the eventual confirmation of David Chipman as the Director of the BATFE. On Friday, Regina Lombardo, Acting ATF Director, announced her retirement, effective May 31, 2021. Apparently, Washington insiders see the nomination of Chipman to be approved, despite the vehement opposition of virtually everyone in the firearms industry.

No good signs for shooters, hunters, or the firearms industry.

As always, we’ll keep you posted.

— Jim Shepherd