Mpls. Investment Firm Acquires Crossbow Manufacturer
Minneapolis-based investment firm Norwest Equity Partners (NEP) announced Wednesday that BowTech, one of its portfolio companies, acquired a Canadian crossbow manufacturer for an undisclosed amount.
NEP said that the deal, which closed December 31, complements BowTech’s existing archery business.
“The combination of these two companies is a perfect partnership for both to leverage each other’s reputation and position in the archery industry,” Tim DeVries, NEP’s managing general partner, said in a statement.
The acquired company, Excalibur Crossbow, Inc., is based in Kitchener—a city in Southern Ontario, Canada—and manufactures hunting recurve crossbows and other archery equipment.
An NEP spokeswoman told Twin Cities Business that Excalibur currently employs 75, all of whom will remain with the company. Exalibur will retain its name and act as a wholly-owned subsidiary of BowTech, she said. The company will also continue to operate out of its current Kitchener facility.
The spokeswoman declined to comment specifically on how Excalibur will financially contribute to BowTech’s existing business, but said the addition “will be meaningful.”
Based in Eugene, Oregon, BowTech manufactures and distributes compound bows and archery-related equipment under the BowTech, Diamond, Stryker, and Octane brands.
BowTech CEO Ron Johnson said that Excalibur’s design and technology suits his company’s products.
“Excalibur is a perfect addition to our company’s product and brand portfolio,” Johnson said in a statement. “By bringing these companies together, we will be better-positioned to offer our customers and consumers more comprehensive and innovative archery product solutions and services.”
Founded in 1961, NEP has nearly $5 billion in capital under management, according to the company spokeswoman. Focusing on companies with more than $10 million in annual earnings, Norwest invests in the agriculture, applied technology, business services, consumer, and distribution industries. It currently employs 40 people.