Cabela’s recognizes the industry leader for superior performance

Birmingham, AL—When you’re in a highly competitive retail environment, it’s no small accomplishment to be singled out for performance-based recognition. That’s exactly what happened when outdoor retail giant Cabela’s recently named PRADCO Outdoor Brands as a recipient of the Cabela’s 2016 Strategic Partnership Award—one of only a handful of distinguished vendors in the Hunting and Shooting space to receive this coveted award for 2016.

The high performance brought to the partnership over the past year by the PRADCO Hunting Division was cited by Cabela’s as a chief reason for having earned the coveted award. As Troy Bosard, Cabela’s Merchandise Director, puts it, “Cabela’s customers deserve and expect the highest-quality goods for their hunting adventures. Our partnership with the powerful hunting brands at PRADCO allowed us to provide outstanding products and industry leading innovation to our customers throughout 2016. This award is a way to show our appreciation and recognize PRADCO Outdoor Brands for their commitment to Cabela’s.”

The timing of the recognition is especially significant for PRADCO Hunting since it validates the hard work that has gone into our reinvigorated presence within the industry. Bart Stephens, General Manager of PRADCO Hunting, reflected the entire company in saying, “We have a long-term goal at PRADCO to be the easiest partner to work with. Our entire team is committed to reducing friction for our retail partners. It is great to see those efforts recognized.”

PRADCO Account Executive, Bob Severe, put the accomplishment in perspective with the following, “Cabela’s is a valued and important partner of ours, and we have a great team that works hard to support them and all of our retail partners. This is a testament to their hard work and dedication.”

About PRADCO Outdoor Brands

PRADCO Outdoor Brands (POB), a division of EBSCO Industries Inc., is headquartered in Birmingham, AL. It is a leader in producing game calls, scents, attractants, game feeders, game cameras, tree stands and fishing lures. PRADCO Hunting owns the brands Moultrie, Summit, Knight & Hale and Code Blue. PRADCO Fishing owns more than 20 brands including Rebel, YUM, Booyah, Lindy and Bomber Saltwater Grade. For more information on PRADCO products, please visit www.pradcooutdoorbrands.com. EBSCO donates 5% of pre-tax profits to charity, including many organizations dedicated to wildlife and environmental conservation.

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SPRINGFIELD, Mo. & SIDNEY, Neb.–(BUSINESS WIRE)–

In addition, upon closing Bass Pro Shops will commence a multi-year partnership agreement with Capital One, National Association, a wholly-owned national banking subsidiary of Capital One Financial Corporation (NYSE: COF), under which Capital One will originate and service the Cabela’s CLUB, Cabela’s co-branded credit card, and Bass Pro Shops will maintain a seamless integration between the credit card program and the combined companies’ retail operations and deep customer relationships. All Cabela’s CLUB points and Bass Pro Shops Outdoor Rewards points will be unaffected by the transactions and customers can continue to use their credit cards as they were prior to the transaction. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

A driving force behind this agreement is the highly complementary business philosophies, product offerings, expertise and geographic footprints of the two businesses. The essence of both Bass Pro Shops and Cabela’s is a deep passion to serve outdoor enthusiasts and support conservation. The combination brings together three of the nation’s premier sporting brands: Cabela’s, a leader in hunting; Bass Pro Shops, a leader in fishing; and White River Marine Group, a worldwide leader in boating, which is part of Bass Pro Shops.

Bass Pro Shops, Cabela’s and White River Marine Group represent the best of American entrepreneurship, innovation and devotion to customers. The combined companies will strive to provide a remarkably enhanced experience for customers, increased opportunities for team members and greater support for conservation activities.

CABELA’S
Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is a highly respected marketer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Today, Cabela’s has over 19,000 “outfitters” operating 85 specialty retail stores, primarily in the western U.S. and Canada. Cabela’s stores, catalog business and e-commerce operations will blend seamlessly with Bass Pro Shops and White River Marine Group. Over the past 55 years Cabela’s has built a passionate and loyal base of millions of enthusiasts who shop both at its retail stores and online.

BASS PRO SHOPS
Bass Pro Shops, founded in 1972 by avid young angler Johnny Morris, is a leading national retailer of outdoor gear and apparel, with 99 stores and Tracker Marine Centers located primarily in the eastern part of the U.S. and Canada. Morris started the business with eight square feet of space in the back of his father’s liquor store in Springfield, Mo., the company’s sole location for the first 13 years of business. Johnny’s passion for the outdoors and his feel for the products and shopping experiences desired by outdoor enthusiasts helped transform the industry. Bass Pro Shops, which employs approximately 20,000 team members, has been named by Forbes as one of “America’s Best Employers.” The company also operates Big Cedar Lodge, America’s Premier Wilderness Resort, welcoming more than one million guests annually to Missouri’s Ozark Mountains.

WHITE RIVER MARINE GROUP
In 1978, Morris revolutionized the marine industry when he introduced the world’s first professionally rigged and nationally marketed boat, motor and trailer packages. Tracker quickly became and has remained the number one selling fishing boat brand in America for the last 37 years running. White River Marine Group offers an unsurpassed collection of industry-leading brands including Tracker Boats, Sun Tracker, Nitro, Tahoe, Regency, Mako, Ranger, Triton and Stratos.

MANAGEMENT COMMENTARY
“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” said Tommy Millner, Cabela’s Chief Executive Officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers. In addition to providing significant immediate value to our shareholders, this partnership provides a unique platform from which our brand will be extremely well positioned to continue to serve outdoor enthusiasts worldwide for generations to come.”

“This opportunity would not be possible without the contributions of the many wonderful Cabela’s, Bass Pro Shops and White River team members,” Morris said. “All three companies are blessed to have been built by the extraordinary efforts of many tremendously talented, dedicated people throughout our respective histories, and we’re thrilled to consider what the combined team can achieve going forward.”

Following the closing of the transaction, Bass Pro Shops intends to celebrate and grow the Cabela’s brand and will build on qualities that respective customers love most about Cabela’s and Bass Pro Shops. In addition, Bass Pro Shops recognizes the strength of Cabela’s CLUB Loyalty program and intends to honor Cabela’s customer rewards and sees potential over time to expand the program in the combined company.

Bass Pro Shops appreciates and understands the deep ties between Cabela’s and the community of Sidney, Nebraska. Dick, Mary and Jim Cabela founded their company in Sidney in 1961, and the company has flourished with its base of operations there ever since. Bass Pro Shops intends to continue to maintain important bases of operations in Sidney and Lincoln and hopes to continue the very favorable connections to those communities and the Cabela’s team members residing there.

Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity, which will remain a private company with a continuing long-term view of supporting the industry and conservation. Morris earned a reputation as a leading retailer and conservationist. In 2008, the National Retail Federation named him as Retail Innovator of the Year. In 2015, the same organization named him as one of 25 People Shaping the Future of Retail in America. In 2012, The Association of Fish and Wildlife Agencies named Morris Citizen Conservationist of the Year.

“Conservation is at the heart and soul of Bass Pro Shops. Bass Pro Shops and Cabela’s share a steadfast belief that the future of our industry, and the outdoor sports we all love, depends – more than anything else – on how we manage our natural resources,” said Morris. “By combining our efforts, we can have a profound positive impact on the conservation challenges of our day and help foster the next generation of outdoor enthusiasts.”

PREFERRED FINANCING
Bass Pro Shops is proud to have secured preferred equity financing from the Merchant Banking Division of Goldman Sachs and Pamplona to facilitate the transaction. Goldman Sachs has committed $1.8 billion and Pamplona has committed $600 million for a total preferred financing commitment of $2.4 billion.

The Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world, focusing on assisting large, high-quality companies with best-in-class management teams to achieve their growth objectives. The division brings significant experience and a strong track record of success in supporting industry-leading founder-led businesses. Pamplona Capital Management is a New York and London based specialist investment manager established in 2005. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV, LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.

TRANSACTION DETAILS
The transaction provides Cabela’s shareholders with a premium of 19.2% to Cabela’s closing share price on Sep. 30, 2016, the day prior to announcement of the transaction, 39.7% to the closing share price on Dec. 1, 2015, the day before Cabela’s announced its exploration of strategic alternatives and 57.1% to the 90-day volume weighted trading average prior to Dec. 1, 2015. Immediately prior to closing, Capital One will acquire certain assets and assume certain liabilities of Cabela’s World’s Foremost Bank. The cash proceeds from this transaction will remain with Cabela’s until it is acquired by Bass Pro Shops.

The transaction agreements were unanimously approved by Cabela’s Board of Directors following a comprehensive review of strategic and financial alternatives.

The transaction, which is expected to close in the first half of 2017, will be completed through a cash merger and is subject to approval by Cabela’s shareholders, as well as regulatory approvals and other customary closing conditions.

J.P. Morgan served as exclusive financial advisor to Bass Pro Shops and Latham & Watkins served as Bass Pro Shops’ legal counsel, with expert assistance from O’Melveny & Myers. Goldman, Sachs & Co. served as financial advisor to The Merchant Banking Division of Goldman Sachs and Davis Polk & Wardwell LLP served as legal advisor. Goldman, Sachs & Co. also served as advisor to Bass Pro Shops on the bank transaction, and Morrison & Foerster served as legal counsel. BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, UBS Securities LLC, and Goldman Sachs are providing debt financing to support the transaction.
Guggenheim Securities served as exclusive financial advisor to Cabela’s and Sidley Austin LLP and Koley Jessen P.C., L.L.O. served as Cabela’s legal counsel.
The Kessler Group and Credit Suisse acted as financial advisers to Capital One and Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers.

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by: Brittany Jones
June 27, 2016

Waves weren’t the only thing hitting Myrtle Beach, South Carolina shores this past week as students, parents, and coaches from all over the United States and Canada, flocked like seagulls to the 2016 National Archery in the Schools Program (NASP®) World Tournament. The tournament took place at the Myrtle Beach Sports Center, where more than four thousand student archers participated at this year’s archery competition. Jessica Vanco, Assistant General Manager of the Sports Center offered, “The NASP 2016 World Tournament was the largest event to date at the Sports Center since our opening in March 2015. The mental energy, focus, and discipline of these young archers was very impressive and inspiring to watch. From the spectators to the coaches, their sportsmanship was commendable.”

The tournament began on June 23 and went through June 26. There were twenty-six flights and one hundred seventy-two students per flight. Of course, as usual, teams were made up of twelve to twenty-four students, with a minimum of four males or four females on each team. Participation totals this year were 4,135 for the bulls-eye and 1,120 in the 3D tournament. Forty-nine percent of the shooters were female and fifty-one percent were males, making this year’s female to male ratio the most balanced in NASP®’s 15-year history.

Archers and teams hailed from a wide range of states. In the Elementary Division, the top male shooter was Gavin Keirns, from Crooksville, Ohio. He attends Crooksville Elementary and scored 289. The top elementary female was Savannah Philpot, from London, KY. She attends Bush Elementary School, and her score was a whopping 295. Savannah established a new NASP® World Record for Elementary Female with this outstanding performance.

In the Middle School (M.S.) Division, the top male scorer was Chase Herndon with a 296. Chase is from Chauncey, West Virginia. He attends Beth Haven Christian School. The top female in this category was Ashlie Garrison with a score of 293. Ashlie attends Newburgh, Indiana’s Castle North Middle School.

In the High School (H.S.) division, the top males were Dalton Talbert and Caleb Stillians who tied with a score of 299 (29 tens). After the 5-arrow tiebreaker, Dalton Talbert took the top honors. Dalton is from Zanesville, Ohio, and he attends Maysville H.S. The top female in the H.S. division was Morgan Daily, with a score of 294. Morgan is from Evansville, Indiana, and attends Reitz Memorial High.

Finally, the overall championship shooters for female and male divisions were earned by Dalton Talbert and Savannah Philpot. Savannah has made NASP® history by being the first 5th grade student to achieve overall female archer for the entire 4-12th grade competition. Congratulations, Savannah!

The world tournament awards ceremony, sponsored by Academy Sports+ Outdoors, was kicked off by Myrtle Beach Mayor John Rhodes who announced, “We host a great number of sporting events, and without any question, the attendees at this archery tournament were some of the most respectful athletes our community has ever experienced… We will welcome NASP® back with open arms!” Everyone appreciated that this tournament was brought to Myrtle Beach due to strong support by the South Carolina Department of Natural Resources.

As a non-profit, NASP®’s in-school archery instruction and events are made possible by a variety of medal-level sponsors including; Mathews, Mission, and Genesis Archery, Morrell Targets, Easton Technical Products, Gordon Composites, National Wild Turkey Federation, Easton Foundations, Cabela’s Outdoor Fund, Feradyne Outdoors, Rinehart Targets, Rocky Mountain Elk Foundation, & EA Promotions. For a complete list of NASP® sponsors see their website.

Only one tournament remains in NASP®’s 2016 tournament series. The NASP®/IBO 3D Outdoor World Challenge will be held August 12-14 at Seven Springs Resort, Seven Springs, PA (schedule here). In just a few weeks, the 2016-17 school year will begin and NASP® lessons for more than 2 million student archers will start again.

For more complete World Tournament results please visit their website.

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NASP® Press Release

When millions of happy customers make a purchase at their local Cabela’s store, they’re asked if they’d like to “round up” the total to the nearest whole dollar to help a worthy outdoor cause.  Those who respond agree, are saying yes to helping millions of eager youth to discover their interest and aptitude for archery.

The National Archery in the Schools Program (NASP®) is pleased to announce, it is one of the newest grant recipients of the Cabela’s Outdoor Fund (COF). This spring, COF became a NASP® Gold Medal Sponsor with it’s award of $100,000 to NASP®, the world’s largest, private youth archery program.

Cabela’s Outdoor Fund is a non-profit organization dedicated to efforts that promote and protect hunting, shooting sports, trapping, fishing, camping and conservation. This fund is possible through donations from generous Cabela’s customers who choose to “round up” their purchases to the nearest dollar at Cabela’s stores. The Cabela’s Outdoor Fund contributes to other like-minded organizations in communities across the country working to make the great outdoors even better.

NASP® is a 15-year old non-profit youth target archery program presented by educators as part of a school’s curriculum to students in grades 4-12.  Last school year more than 2.3 million students, in 14,000 schools located in 47 states, 8 Canadian provinces, and 9 other countries participated in NASP®.  At its US National tournament in early May, the record for the world’s largest archery tournament was set again, by NASP® at 12,897 students.

Cabela’s Outdoor Fund support will be applied in two areas.  Half the donation will be used to increase NASP®’s annual equipment grant.  Once teachers at a school become NASP®-certified they must purchase a $3,100 NASP® equipment kit including: 12 Genesis bows, 120 Easton aluminum arrows, Morrell, Block, or Rinehart targets, backstop curtain, and bow racks.  New schools, recommended by their jurisdiction’s coordinator, are provided up to $1,000 towards this new equipment.  Over the past five years of this equipment grant, more than 2,000 new schools have been provided such grants.  This grant by COF will lead to about sixty-six new schools joining the program. According to participation surveys, this means about 7,800 students will be added to NASP® participation roles in 2016-2017.

The other 50% of these grant funds have been awarded in the form of cash scholarships to 143 student archers at various states’ NASP® Championships this past February-April.  These scholarship funds are held in the student’s name until they decide to pursue education after high school.  When the student contacts NASP® with his or her plans, checks are made to the educational institution and sent to the student to use as financial aid. To date NASP® has awarded $926,000 in cash scholarships!

“The National Archery in the Schools Program has an amazing impact on the lives of thousands of young students and outdoor enthusiasts. Not only are they introduced to archery and the great outdoors, these students build life-long friendships and are given opportunities for scholarships,” said Scott Wanetka vice president of Cabela’s Outdoor Fund. “Cabela’s Outdoor Fund is proud to support NASP® as a Gold Member Sponsor.”

NASP® President, Roy Grimes offers, “We at the National Archery in the Schools Program®, are humbled and grateful for this strong show of support.  More important than the financial contribution, is the confidence Cabela’s Outdoor Fund has demonstrated for NASP® and its mission to change millions of lives, one arrow at a time. “

To find out how your student’s school might join NASP® visit NASP’s website.

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The fourth annual ACM & Cabela’s Great Outdoor Archery Event took place recently on April 2. This event featured two star-studded teams: Luke Bryan’s #TeamLuke, which consisted of Luke Bryan, Dustin Lynch, Eric Paslay, Kristy Titus, and Adam LaRoche; and Justin Moore’s #TeamJustin, with Justin Moore, Chase Rice, Chris Janson, Granger Smith, and Wade Middleton.

A huge crowd gathered at the Las Vegas Festival Grounds to watch the two teams put their archery skills to the test by going head to head in a unique tic-tac-toe archery challenge. Both teams shot the Cabela’s Credence bow by Bowtech, and fans had the chance to win the same bow by using the hashtag #ACMCabelas. Fans could also tweet #TeamLuke or #TeamJustin to express support for their favorite collection of celebs.

Ultimately #TeamJustin took home the trophy this year, despite #TeamLuke being the twitter-voted fan favorites. Check out some of the action below:

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For the third year in a row, the American Country Music (ACM) & Cabela’s Great Outdoor Archery Event pitted teams captained by country music stars Luke Bryan and Justin Moore against each other for bragging rights as the best archers—until next year!

Team Luke consisted of Lucas Hoge, Austin Webb, Kristy Titus, Tyler Farr, Dustin Lynch, Rhett Atkins, and Willie and Jep Robertson.

Team Justin had Wade Middleton, Eric Paslay, Jamie Lynn Spears, Josh Abott, Zach Martin, Brantley Gilbert, Chase Rice, and Casey Donahew.

The event was held at the Texas Rangers Youth Ballpark in Arlington, Texas, on April 18, 2015. In addition to ACM and Cabela’s, the North Texas Make a Wish Foundation made an appearance at the ballpark that afternoon, with two young archers—Emily and Bryson—to join Luke and Justin’s teams and get in on the competition.

Luke Bryan’s team took home the trophy, but Rhett Atkins took home the Top Archer award.

For more information, tons of pictures to come, and a video of the event, visit Cabelas’ website.

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