Los Angeles private equity firm Diversis Capital LLC wrapped up the acquisition of Martin Archery Inc., a producer and retailer of bows, arrows and hunting accessories.
Terms of the deal were not disclosed, but Divsersis — launched in May — looks to make equity investments of up to $20 million in distressed companies. The purchase of Martin Archery is the first deal for Diversis. It is expected “to bring the once-thriving business back to prominence,” according to a statement on the Martin Archery website.
Details regarding Martin Archery’s ability to continue were not disclosed, but the Walla Walla, Wash.-based company was put up for sale in December when late founder and president Gail Martin announced retirement plans.
Martin, an Olympic medalist and Archery Hall of Famer, died in July at 89 years old.
Diversis named Rich Weatherford the new chief executive and is looking to put in place more executives as a way to “elevate Martin Archery to new levels of success,” says Diversis managing director Kevin Ma in a statement.
In its own right, Martin Archery has a storied past. Founded in 1951 as a small operation — where bows were handmade at Martin’s dining room table — it went on to manufacture various types of bows and arrows for the sport, as well as Hollywood films. One of its bows was famously used to light the Olympic torch during the 1992 Barcelona Olympics.
Diversis, based in Santa Monica, Calif., is an affiliate of real estate investment firm The Luzzatto Co. Inc.