American Rebel Holdings Inc. of Nashville, Tennessee, has agreed to acquire Provo-based Champion Safe Co. for an estimated $9.9 million. American Rebel, which bills itself as “America’s Patriotic Brand,” said the acquisition will add more than $20 million in revenues to the company.
Champion is a manufacturer of gun safes with three brands, including Champion Safe, Superior Safe and Safe Guard Security Products. It was founded in 1999 by Ray Crosby.{mprestriction ids="1,3"}
“We are excited to bring the Champion name into the American Rebel family,” said Andy Ross, CEO of American Rebel. “We believe the companies are a natural fit and their synergies will help us grow the brands. For example, Champion factories already manufacture American Rebel safes. The addition of Champion’s dealers will be a great benefit to American Rebel. Champion has a clean balance sheet and a solid backlog of orders already, so we’re ready to move almost immediately. We’re looking forward to growing together.”
“Ray Crosby is a foundational figure in the safe business and Champion Safe is the culmination of his 40 years in the safe business,” said Doug Grau, president of American Rebel Holdings. “We are proud to continue his legacy. Our combination will allow for expanded manufacturing to fill a significant backlog of orders and will allow for the development of new dealer accounts. Champion’s sizeable existing dealer base, nationwide distribution and seniority with buying groups and trade shows should have an immediate impact on American Rebel. The American Rebel team is very eager to work with Ray and his team and move the company forward.”
The acquisition is expected to close on or before Aug. 31, and is subject to customary approvals, the obtaining of financing and other closing conditions.{/mprestriction}
