Fishing Industry News: Lew's Acquires UK's Fox International; Ranger Boats Offers Promotion

In the latest fishing industry news, Lew's Holdings will acquire Fox International of London and Ranger Boats is offering a summer promotion.

Fishing Industry News: Lew's Acquires UK's Fox International; Ranger Boats Offers Promotion

Fox International, Europe’s largest privately-owned fishing tackle company, has agreed to be acquired by Lew’s Holdings Corporation.

The deal is subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.

Lew’s owns Strike King and Hunters Specialties. Acquiring Fox International offers both an expanded geographical footprint, deeper innovation, R&D sharing capabilities, access to new skills and an enlarged talent pool. Both businesses will maintain current management structures and brand identities.

Mayfair Equity Partners, the buyout and growth investor, backed a management buyout of Fox in 2015 from Next Wave Partners. Next Wave retained a significant minority shareholding alongside Mayfair following the buyout. Mayfair and Next Wave are fully divesting their stakes, and Lew’s will acquire the business.

Fox, based in Brentwood, Essex, has grown since 2015 by focusing on producing and distributing an innovative range of products developed by anglers, for anglers. Fox continued to invest in Western European markets while entering into new markets in the U.S. and especially Eastern Europe, where demand continues to grow for high quality brands.

Fox is now present in more than 30 countries and currently sells a diverse range of products across the Carp, Predator and Match Fishing categories. In supporting its geographic expansion and product diversification, Fox’s marketing division has been transformed, receiving significant investment to grow the team and its digital capabilities. This growth has also been supported by the successful integration of two international acquisitions, lure brand Salmo and bait dispenser Spomb.

“When we partnered with Mayfair and Next Wave, we set ourselves ambitious growth targets and I am immensely proud of everything we have done together," said David Algar, Executive Chairman of Fox. "Our collaborative approach has allowed us to consistently grow, enter new countries, and continue to innovate, all resulting in a steady stream of great new products and services. Lew’s understandour business and place the same importance on innovation and customer service as we do. We are incredibly excited by the prospect of working with such an experienced team as we continue to grow Fox successfully with our new long-term investment partners.”

Ranger Boats Offers Limited Retail Promotion

Ranger Boats is providing additional incentives for potential boat buyers of select in-stock models this month with the announcement of its 2019 In-Stock Summer Savings promotion.

With limited-time-only offers geared for both fiberglass and pontoon customers, qualifying purchases will receive strong benefits including a $4 per engine horsepower factory rebate from now until Aug. 31, 2019.

For freshwater fiberglass purchases, any new, qualifying Z500 Comanche Series, Fisherman Series, Z500/Z100 Series, Angler or Fish-N-Play model sold during the promotional timeframe will receive a $4 per engine horsepower factory rebate, deluxe Ranger boat cover (retail value: $1,050) as well as a $100 credit towards premium Ranger clothing and accessories available through Rangerwear.com.

Buyers of any new, qualifying Ranger Saltwater Bay Series or Ranger Pontoon sold during the In-Stock Summer Savings promotion will receive a $4 per engine horsepower factory rebate as well as a $100 credit towards premium Ranger clothing and accessories available through Rangerwear.com.

The program is limited to the purchase of new, qualifying 2019 or older in-stock Ranger boats powered by Mercury, Evinrude or Yamaha engines. Qualifying boats must be in authorized Ranger dealer inventory and sold during the promotion's timeframe. The promotion cannot be combined with other offers, with the exception of the current Operation Troop Salute program and VIP member discount card program. Ranger aluminum models, as well as any new 2020 model year orders placed, are not eligible for this limited time promotion.

For complete details on all current Ranger retail offers, customers are encouraged to visit their local, authorized Ranger dealership or the "special offers" section on www.rangerboats.com.

Garmin Q2 Earnings Show Growth

Garmin Ltd. announced results for the second quarter ended June 29, 2019, showing a record revenue and four divisions showing an increase of 12 percent from Q2 2018 numbers.

Highlights for the second quarter 2019 include:

  • Record second quarter revenue of $955 million, a 7-percent increase, with aviation, marine, fitness and outdoor collectively increasing 12 percent over the prior year quarter
  • Gross margin of 60.3 percent compared to 58.5 percent in the prior year quarter
  • Operating margin of 26.8 percent compared to 24.3 percent in the prior year quarter
  • Operating income of $256 million, increasing 18 percent over the prior year quarter
  • GAAP diluted EPS was $1.17 and pro forma diluted EPS(1) was $1.16, increasing 17 percent over the prior year quarter
  • Aviation segment continues to capitalize on the ADS-B opportunity with strong unit market share
  • Recently announced the innovative Force trolling motor and won Best of Show at ICAST, the world’s largest sportfishing trade show
  • Launched the refreshed line of Forerunner running watches, providing both smartwatch features and enhanced running dynamics for all runners

“We achieved record second quarter revenue and profits with three of our five segments delivering strong double-digit revenue growth rates,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are very pleased with the results we have delivered thus far, giving us the confidence to raise our full year 2019 revenue and EPS guidance.”

Revenue from the Marine segment grew 13 percent in the quarter, driven by strong demand for our chartplotters and Panoptix LiveScope sonars. Gross and operating margins improved to 61 percent and 28 percent, respectively, resulting in strong operating income growth. Fusion, a Garmin brand and worldwide leader in marine entertainment, was selected by Independent Boat Builders, Inc. to supply audio entertainment to its 19-member network. Garmin recently announced our entry into the freshwater trolling motor market with Force.

Fourteen Tarpon Tagged in Boca Grande

Bonefish & Tarpon Trust, in collaboration with the University of Massachusetts Amherst, recently tagged 14 tarpon in Charlotte Harbor and Boca Grande in three days as part of BTT’s Tarpon Acoustic Tagging Project, sponsored by Maverick Boat Group.

These tags transmit acoustic pings to underwater receivers for five years. BTT has receivers strategically placed throughout Charlotte Harbor and Boca Grande that will record the time, date and tag number when a tagged fish swims within range. BTT also collaborates with other agencies, universities and organizations that have receivers listening for BTT tarpon throughout the Gulf of Mexico and entire Atlantic coast.

Now in the fourth year of tagging with acoustic transmitters, BTT scientists are already receiving two and three years of data for the same fish. A 50-pound tarpon tagged in Charlotte Harbor in summer 2016 migrated around the peninsula and up the east coast of Florida to Cape Canaveral in the fall. It then followed the mullet run up to South Carolina and made its way back to the Shark River in South Florida for the winter.

By next summer it was back in Charlotte Harbor and made the same journey in 2017. These 5-year tags allow scientists to study long-term movement patterns and the connectivity within the tarpon population and between state and regional boundaries. So far it’s common to see tarpon move to the same place each year, but not all tarpon are making the same movements as each other.

BTT thanks Maverick Boat Group, as well as Conservation Captain Edward Glorioso (@wickedhooksfishing) for organizing the entire tagging week. Other guides who helped to make the research and program possible include Capt. Chris Slattery (@captchrisslattery), Capt. Mark Crawford (@captcrawford), Capt. Greg DeVault (@captgregd), Capt. Ed Walker (@ed_walker_sportfishing), Capt. Josh Greer (@joshgreerflyfishing), Capt. Jamie Allen (@jamiesoutfishin), Capt. Cameron Schurlknight (@camo_can), Capt. Shane Smetak (@capt_shane_smetak), Capt. Dave Hutcherson (@captdavehutch), Capt. Glenn Pittard and Kevin Lollar.


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