Bushnell Outdoor Products announced today that it has been purchased by the aerospace and defense company Alliant Techsystems (ATK). The acquisition, which was made for sum of $985 million, is expected to be completed during the third or fourth quarter of ATK’s 2014 fiscal year.

Bushnell had been owned by the private equity firm MidOcean Partners since 2007. Speculation arose early last month that the firm had potential buyers for the outdoors company, including bids from ATK, an unnamed outdoors company, and another private equity firm, KKR.

The acquisition of Bushnell, a renowned maker of optics and gun accessories, is yet another addition to ATK’s growing influence in the outdoors. Earlier this year ATK also purchased Caliber, which owns Savage Arms. Other companies in ATK’s Sporting Group include BLACKHAWK!, Federal Premium, CCI, Weaver, Eagle Industries, Blazer, and more. According to the Washington Post, ATK’s sporting unit experienced a 112 percent rise in sales during its most recent quarter.

“I am very proud of what the Bushnell team has accomplished during our time with MidOcean Partners. The passion we have for our brands, products and the enthusiasts we serve has allowed us to build one of the strongest consumer products portfolios in the outdoor industry. The opportunity to join ATK will give us the chance to take that passionate pursuit to the next level,” said Blake Lipham, Bushnell Outdoor Products president and CEO.

Bushnell is well known among sportsmen for their high-quality binoculars and spotting scopes. The 65-year-old company currently has 500 employees within the United States and 600 employees abroad, managing more than 10,000 customer accounts across 90 countries.

“The Bushnell acquisition is consistent with ATK’s focus on establishing leadership positions in our core markets,” said Mark DeYoung, ATK president and CEO. “This acquisition will broaden our existing capabilities in the commercial shooting sports and expand our portfolio of branded shooting sports products. In addition, this transaction will allow the company to effectively enter new sporting markets in golf, snow skiing, and camping. ATK will leverage Bushnell’s strong sourcing, marketing, branding, and distribution capabilities and capitalize on Bushnell’s track record of successfully integrating acquisitions and delivering profitable growth.”

Image screenshot of video by Bushnell Outdoor Products on YouTube

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