Mayfly Group, LLC, Colorado Springs, Colo., will acquire the Manchester, Vermont-based Orvis Company’s Ross Reels subsidiary effective Jan. 1, 2014. Mayfly operates various sporting brand names including Abel Automatics, Inc., the manufacturer of Abel fly reels and accessories in Camarillo, Calif.
Terms of the transaction were not disclosed.
Orvis acquired Ross Reels from 3M in June 2013 as part of an acquisition that also brought flyline manufacturer Scientific Anglers under Orvis ownership. Based in Montrose, Colo., Ross Reels produces mid-priced fly reels. Since acquiring Ross, Orvis has developed a clear growth strategy for its Scientific Anglers brand, while concurrently struggling to integrate the Ross Reels brand into its own reel business. “It became clear that Ross is not a strong fit for Orvis’ long term strategy,” according to Jim Lepage, President of the Orvis subsidiary operating both Scientific Anglers and Ross Reels.
Mayfly is an Arizona-based holding company with offices in both Colorado and Nevada.
“With the help of the Abel engineering team, the Ross brand will be updated and new products added; in addition, Ross will re-introduce selected reels from its former product lineup,” said David Dragoo, president of Mayfly.
“Mayfly Group is honored to be associated with Ross Reels, an iconic fly fishing brand. We hope to expand upon the creativity and quality of the brand developed by founder Ross Hauck more than 40 years ago,” said Dragoo.
“We respect the company’s strong tradition, outstanding workforce, well-run factory and quality products. We are happy to have found a strategic buyer that can give Ross Reels the attention it deserves and look forward to seeing it prosper and grow in the years to come. We wish Ross and its employees nothing but the best,” Lepage said.
According to the Mayfly Group’s mission statement, their goal is “to provide outdoor enthusiasts with the best and most dependable products in the world while engaging in efforts to protect and sustain our natural environment.” The investment group plans to use its “combined resources to help our companies with market penetration and capital investment. Mayfly is seeking additional investment opportunities in the fly fishing and related outdoor markets,” said Dragoo.
Image courtesy Mayfly Group