Riflemaker acquires BowTech.
BowTech, a Eugene maker of bows and other archery equipment, has been acquired by Savage Sports Corp., a Massachusetts riflemaker.
No purchase price was disclosed; both companies are privately held.
BowTech, founded in 1999, has 365 employees. BowTech Marketing Director Margaret Knupp said the deal is not expected to lead to job losses at BowTech, and in fact will enable the company to continue its recent growth trend.
BowTech will remain based in Eugene and its management team will remain intact. It will be a wholly owned subsidiary of Savage Sports.
Savage CEO Ron Coburn said in a statement, "We are impressed with BowTech's vision and astonishing success in the archery industry and are thrilled to have them as part of the Savage family. ... Their growth record and solid values are a great fit with our existing business and management culture."
BowTech CEO John Strasheim will serve on the Savage board.
BowTech is the largest bow company in the world. It manufactures and distributes compound bows and archery equipment. Its divisions include BowTech and Diamond Archery, Stryker Crossbows and WaterDog Surface Technologies. Strasheim and bow designer Kevin Strother and a few investors founded the company in 1999.
The company has seen strong growth in recent years and hires new employees weekly, Knupp said.
After spending $2.5 million in 2005 on an expansion project, the business occupies 75,000 square feet at its main plant on Highway 99.
BowTech has a 40,000-square-foot facility in Veneta and recently leased an 8,000-square-foot building on Bethel Road.
While the archery industry is stagnant, BowTech has managed to thrive because of its technological advances and its aggressive marketing, Knupp said.
"Frankly at this point, we're just increasing our market share," she said.
Savage Sports operates three divisions: Savage Arms makes center-fire rifles; Save (Canada) makes rim-fire rifles; and Savage Range Systems/PortaTarget makes shooting ranges, target systems and shoot houses.
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|Title Annotation:||Business; As a subsidiary of Savage Sports Corp., the archery equipment manufacturer will maintain its local operations|
|Publication:||The Register-Guard (Eugene, OR)|
|Date:||Oct 10, 2007|
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