Gridiron Capital Agrees To Sell GSM Outdoors

Investment firm Gridiron Capital has signed a definitive agreement to sell its controlling interest in Good Sportsman Marketing Outdoors (GSM Outdoors) to Platinum Equity. Some of the industry’s best-known brands are under the GSM Outdoors corporate umbrella, including Birchwood Casey, TruGlo, Walker’s hearing protection, SOG Knives, Cold Steel, Halo Optics and others.

"In 2020, Gridiron Capital partnered with Eddie Castro and the GSM management team to build an industry-leading outdoor enthusiast platform,” said Gridiron Managing Partner Kevin Jackson. “Over the course of our partnership, GSM has grown significantly through strategic expansions into fishing and other rugged outdoor categories, while dramatically scaling the cellular and app subscription business, completing 18 acquisitions of iconic brands, and driving consistent organic growth through new product development. The GSM team’s passion for serving their customers and winning in the marketplace is contagious, and we are incredibly proud to have been GSM’s partner during this exciting time. We are confident that GSM is positioned for even greater success going forward.”

Headquartered in Irving, Texas, GSM Outdoors focuses on outdoor enthusiast products, with a diverse and growing portfolio of more than 50 rugged outdoor brands. It provides a comprehensive range of consumable accessories, gear and subscription services.

"Since the first day, Gridiron has been a great partner in helping us accelerate our M&A [mergers and acquisitions] engine and expand GSM into new subscription and outdoor categories,” said GSM Outdoors CEO Eddie Castro. “The Gridiron investment team and Centers of Excellence have truly been value-added partners through this exceptional growth phase for GSM.”

"The GSM team have been incredible partners over the past few years, and together, we have created the leading outdoor enthusiast platform, poised for continued M&A consolidation, category expansion, and organic growth. Rooted in a shared vision and culture, our partnership with Eddie and his team has been a true partnership in every sense of the word," said John Warner, managing director at Gridiron Capital.

“The popularity of outdoor recreation is driving increased demand for a wide range of innovative, technically advanced products tailored for enthusiasts and adventure seekers of all kinds,” said Platinum Equity Co-President Louis Samson. “The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well.”

Financial terms of the transaction, which is expected to close before October, were not disclosed. Platinum Equity was founded in 1995 and today has a portfolio of approximately 50 companies managing more than $48 billion in assets to serve their customers across the globe.