Switchback Spring, June 16-18, 2026 in New Orleans, LA
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Switchback at TRE, December 1-3, 2026 in San Antonio, TX
After six years in business, Bubba had become a successful brand known for its specialized fillet knives and fishing pliers. It was a niche brand with a great reputation. However, taking the next step required a team with the vision, expertise, and financial resources to grow its product offerings, expand its consumer base, and compete in the broader “rugged outdoors” category.
In 2017, American Outdoor Brands acquired Bubba for $12 million. With the infusion of capital and focus on product innovation, Bubba was able to launch a more diverse line of knives and additional products, including rods, high-end digital scales, and apparel.
For decades, mergers, acquisitions, and private equity investments have played a significant role in the growth and development of outdoor brands.
“Sometimes, you may have a great brand, great products, and enthusiastic customers, but to get to that next level, you need help,” says Kevin McGee, Managing Director of the Active Lifestyle division of William Hood & Co., a specialized consumer investment bank. For nearly 15 years, McGee has advised several outdoor brands, including companies in the fishing, cycling, and sporting goods sectors.
While mergers & acquisitions (M&A) and private equity investments play a critical role in the outdoor industry, such transactions have declined in recent years, says McGee. The COVID-19 pandemic and its subsequent economic impact significantly affected the market. Additionally, this year, investors have been cautious with their investments due to concern over tariffs.
According to the latest S&P Global Market Intelligence data, the number of M&A deals announced by North American companies declined by nearly 2% in the first quarter of 2025 and by 12.4% in the second quarter.
M&A deals aren’t going to disappear, though. When the tariff turmoil eventually fades, money could quickly flow back into the outdoor industry. According to McGee, investors view the industry favorably due to its large and enthusiastic consumer base, as well as its highly innovative brands. Additionally, investors are sitting on a substantial amount of capital that they will be eager to invest once the effects of tariffs subside.
“Once we get certainty back into the market, there’s going to be a real thirst for acquisitions and investment,” says McGee.
More than anything else, investors like certainty, and the COVID-19 pandemic created chaos in the outdoor market. Even after stores reopened, problems arose, including a glut of inventory and fluctuations in participation.
However, McGee says the outdoor industry moved beyond those obstacles at the beginning of 2025. “Brands felt much, much better about their inventory positions as well as inventory positions at retail,” says McGee. He notes that research indicates the outdoor and sporting goods markets experienced consistent growth in participation over the past two years.
“So, with participation rates at record levels, normalization in the supply chain, and healthier inventory balances, people were feeling much better about business in general,” he says. “And then comes Liberation Day.”
President Donald Trump’s April announcement of sweeping tariffs injected more uncertainty into the market and created “meaningful headwinds” for the outdoor industry, says McGee.
Nevertheless, the outdoor industry offers fertile ground for investors who will be eager to make deals when tariff pressures begin to ebb. “The fundamentals that attracted investors to the industry for years are still there, and in many ways, better than ever,” says McGee.
As tariffs lose their grip on the market, the outdoor industry will also benefit from particular trends in the financial sectors, especially the increase in what McGee calls “dry powder.”
“There’s a lot of investment dollars out there that need to get used,” he says. “It’s private equity money, family money, and corporate strategic money. There is more capital out there than there’s ever been.”
While young companies can vie for record amounts of capital, they also have better opportunities to find suitable investors who not only share their goals and values but also devote ample time to nurturing and growing their brands.
According to McGee, over the last 10 to 15 years, there has been a significant increase in the number of “family offices,” private firms that manage wealth and investments for a family or group of families.
“Family offices are an appealing alternative to private equity,” says McGee. “They offer a patient, values-aligned ownership model without the pressure of a typical five- to seven-year exit timeline.
Often, family offices hold businesses for 10 years or more. Additionally, they sometimes offer non-financial support, whether it’s sharing industry expertise, providing mentors, or granting access to professional networks. As a result, a family office can develop stronger ties with the companies it supports.
With the rise of family offices and the abundance of dry powder from the private equity community, young companies yearning to grow will eventually have more options for financial assistance.
Currently, tariffs make it challenging for any company—especially an emerging brand—to plan for the immediate future, let alone develop a strategy for future growth. But current conditions will not remain forever. Either tariff policies will change, or financial institutions will adapt to a new reality and adjust their business practices accordingly. In any case, the money will return to the outdoor market.
As we wait for economic conditions to improve, McGee advises companies offering high-quality, innovative products to take steps to make themselves attractive to investors.
“Brands that maintain frequent and authentic communication with their consumers through compelling content and have a well-balanced distribution strategy across both online and retail channels will be highly attractive to potential investors or acquirers,” he says. “Whether it’s growth capital, partial acquisitions, full-on acquisitions, or whatever businesses are looking to do, there’s going to be a lot of opportunity. You’ve got willing and able investors and buyers out there that love the outdoor space.”
