The Business

Scientific Anglers (www.scientificanglers.com) is a Midland, Michigan-based designer, manufacturer and marketer of branded and private-label fly fishing lines, leaders, tippets and complementary accessories. Scientific Anglers is one of the most recognizable brands in the fly fishing market, with the leading market share position for fly fishing lines.

Ross Reels (www.rossreels.com) is a Montrose, Colorado-based manufacturer of fly fishing reels, rods and related products. Ross Reels is one of the largest U.S. manufacturers of fly fishing reels.

3M Company (www.3m.com – NYSE: MMM) is a $30+ billion annual revenue diversified technology company that operates through five business groups – Consumer, Electronics & Energy, Health Care, Industrial and Safety & Graphics. Scientific Anglers and Ross Reels operated within 3M’s Consumer business group.

The Industry

Fishing represents one of the most popular outdoor leisure activities in the U.S. – with over 46 million participants and over $42 billion spent per year on fishing activities, equipment and supplies. Within the fishing industry, Scientific Anglers and Ross Reels participate in the fly fishing market. The fly fishing market is considered a niche, enthusiast market consisting of approximately five million active anglers.

The Process

Prestwick Partners initiated this transaction and acted as exclusive financial advisor to 3M Company (St. Paul, Minnesota). Prestwick designed an M&A process, prepared marketing materials, evaluated acquisition proposals and negotiated the transaction with The Orvis Company, Inc., a Manchester, Vermont-based retail and mail-order company specializing in high-end fly fishing, hunting and sporting goods. Prestwick’s process included both domestic and international strategic acquirers as well as private equity groups with related portfolio companies.