Cabela's is closing on a sale to Bass Pro which would create the largest retailer of outdoor and hunting goods in the United States.
The acquisition has been rumored since October, when privately held Bass Pro began quietly looking for a buyer following pressure from activist investor Paul Singer, whose New York investment firm Elliott Management owns an 11 percent stake in the company.
Private equity firms Apax Partners and TPG Capital had been considering Cabela's, but are no longer interested, according to the New York Post.
Bass Pro and Cabela's are similar operators and could be a good fit. Both operate large destination stores averaging roughly 150,000 sq. ft. that combine dining and lifestyle displays, and host events that appeal to the outdoor enthusiast.
Cabela's has separately found a buyer for its credit card business, according the report. Both deals are expected to be announced soon.
- see this New York Post story
Bass Pro makes move for Cabela's
Bass Pro Shops considers Cabela's
Dick's Sporting Goods increases ship-to-store assortment by 120%