Fellow Adventurers,

Today I’m writing about Simms. In July 2022, they announced that Vista Outdoors was acquiring them for $192.5 million. It’s not new news but I’m starting with them because their headquarters is in my hometown of Bozeman, MT. Sitting near the intersection of the Jefferson, Missouri, and Madison rivers, its’s no mistake that they chose the Gallatin Valley to place their research/development, manufacturing, and business teams.

If you’re familiar with the fishing industry then you know them well. Their appeal is pretty simple:

• World-class product

• Strong brand presence

• Manufactured in America

Their story is interesting because it wasn’t started in Montana and it was never a guarantee. How did they do it? And why, ultimately, did they sell out to a financial institution?

Let’s get to it.

Origin Story

John Simms founded the business in 1980. He was a fishing guide based out of Jackson Hole, WY. It’s a story that’s so often true of outdoor companies… a product is built based out of lived experience. John eventually sold the business to Life-Link International, another Jackson based company.

The trajectory of the business changed, though, when a management consultant from Los Angeles moved to Bozeman to fly fish and build a business. K.C. Walsh acquired Simms in 1993 and moved its headquarters from Jackson to Bozeman where it remains today. From there, it’s a story of consistently making great products.

Robert Gibson, Sr. Director of Operations, describes Simms like this:

“First of all, we start off with premium ingredients just like you’re cooking. And then after we get the ingredients we get to the design and the fit then we make it here in the U.S. by people that care.”

A simple formula that led to a big payday.

Expanding the Business

What started as neoprene waders became what they’re famous for when they got help from W.L. Gore & Associates to build their Gore-Tex waders, one of the only companies in this product line to be able to do this.

In the classic “land and expand” strategy, if landing was the waders, expanding was footwear, outerwear, and clothing.

At their core, they have a product lineup for serious sportsmen/women.

Selling to Vista Outdoors

I plan to cover Vista Outdoor in a future newsletter because they have quietly built a portfolio of outdoor companies that is almost unparalleled in terms of size and number of brands. Some see them as bringing value to the industry through investment which leads to better products while the sentiment of others is that of a sour taste in your mouth because the businesses lose their local feel. But, that’s for a future issue.

In July 2022, Simms announced that Vista was acquiring the company and brand for $192.5 million. A large sum—but for Vista, it was obviously worth the price. In the fishing industry, Simms is an iconic brand with a passionate following.

Chris Metz, Vista’s CEO, shared this:

"Simms broadens our core addressable market into the highly attractive fishing category with a premium, innovative brand with significant room for growth. Simms will be a central plank in our long-term growth strategy and will be the anchor of our new fishing platform within Outdoor Products. Fishing, particularly fly fishing where Simms has its roots, is a natural adjacency to our Outdoor Products business and Simms serves an enthusiast consumer demographic that has proven to be largely recession-resistant over time. With a beloved, household name brand like Simms leading the way, we believe that we can create a fishing platform that serves the 55 million+ anglers while delivering long-term growth and value for our shareholders for years to come."

Their Outdoor Products category includes the likes of Bushnell, Bell, and Camelback just to name a few. What’s unique about outdoor sports and the companies that build products in them, is the passion of their customers. Sure, people love Simms products but they love fishing more. And when your products help people enjoy a passion even more, you get a following.

Walsh added:

"Simms Fishing Products has become the most exciting brand in sport fishing, driving product innovation with our award-winning apparel, outerwear, footwear, and accessories."

"Through our high-performance products, we encourage anglers to spend more time on the water—while advocating for healthy fisheries, responsible use, and clean water. We are thrilled to be joining the Vista Outdoor family of brands. It is hard to imagine a better partner for Simms."1

I expect that we won’t see many changes as consumers. Why? Frankly because they’re doing a lot well. Best wishes to Vista and Simms in this partnership.

Welcome! This is Peaks & Profits, a newsletter about the intersection of the outdoors and business.

We can’t love everything. But there are two things I greatly enjoy: the outdoors and entrepreneurship. Because, I mean, what’s not to love about those two.

What Subscribers Can Expect

My hope is to create more than the casual reader. I hope I can create content that you look forward to opening each week and share with your friends. My vision for Peaks & Profits is simple:

• Write fun and engaging content about big news in the outdoor industry (e.g. onX raising the largest VC round in Montana history, Patagonia now being a non-profit)

• Interview people doing big things in the outdoor industry (e.g. investors, entrepreneurs of all sizes). I want to highlight founders who are just getting started but doing something amazing.

• Create a community around the intersection of the outdoors and business.

I hope to cover stories from across the globe. We are blessed with so many beautiful places and ways to explore the Earth. There are many stories to tell about the people helping us enjoy them even more and allow people outside of readers of local newspapers to learn about them.

A Few Things About Me

My background also happens to align pretty well. I grew up in an outdoor mecca: Bozeman, Montana. I started my career in finance doing mergers and acquisitions. I got to be part of selling several amazing outdoor brands in the archery and fishing industries.

I also have a personal passion. I hunt (learning), fish, backpack, ski (half-days), and crave days in the mountains.

I have also for many years dreamed of entrepreneurship. I have failed at a couple of startups, been part of a couple successful ones, and love to learn from those who are far more successful.

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If you have any questions, comments, or ideas please feel free to reach out to me on email at ryancwestlake@gmail.com.