BLOOMFIELD, New York, (April 18, 2011) – Crosman Corporation announced today that Wellspring Capital Management LLC will be its new equity partner, replacing Pamlico Capital, its partner since 2007. The joint announcement was made by Crosman President and CEO, Ken D’Arcy and Wellspring Managing Partner, William F. Dawson, Jr. In the announcement, both companies said that the relationship was based on Crosman’s prospects for significant, long-term growth.
According to D’Arcy, Crosman is poised for the next big step in growth and needs an able partner ready to provide guidance and to help fund the effort. “The shooting sports industry is poised for consolidation,” said D’Arcy. “Crosman is ready to participate in this industry consolidation and Wellspring Capital believes we are an effective platform for both organic and acquisitive growth. Wellspring is strategic, rather than tactical, in their relationships with their companies. We’re delighted they appreciate our success, recognize our potential and are eager to help us reach our goals.”
Says Wellspring’s Dawson, “Crosman is a unique opportunity to invest in a platform with a strong and established brand,” he said. “We believe that the company is poised for significant growth, both through internal initiatives and through acquisition. Crosman maintains longstanding relationships with premier sporting goods retailers and, throughout its history, its brands, innovative products and quality service have fostered loyalty among retail partners and consumers. Ken D’Arcy and Crosman’s world-class management team have a proven track record. We are excited to collaborate with them to further enhance the value of the business.”
Crosman Corporation was founded in 1923 and has built its business on innovation and quality. It has become the most successful company in the airgun and airsoft categories, designing and manufacturing its products here and abroad, and marketing them around the world. During the past decade, the company has twice doubled its size.
Founded in 1995, Wellspring Capital Management is a leading middle-management equity firm managing more than $3 billion in private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment.
For further information on Crosman Corporation’s new equity partner or any Crosman, Benjamin, CenterPoint Hunting and Outdoors Precision Optics, or Game Face Airsoft products, visit the company’s Web sites at www.crosman.com, www.centerpointhunting.com, www.gamefaceairsoft.com, write to Laura Evans, marketing coordinator, Crosman Corporation, 7629 Routes 5 & 20, Bloomfield, NY 14469, email her at levans [at] crosman.com, or call her at (800) 7–AIRGUN (724-7486).