Smith & Wesson announced the acquisition of Taylor Brands, a company that manufactures tools and knives under the recognizable names of Schrade, Old Timer and others.

The acquisition is part of an ongoing strategy the company has undertaken to expand its footprint in the outdoor industry. The Taylor Brands acquisition was made by BTI Tools, a wholly owned subsidiary of Battenfeld Technologies – a company purchased by Smith & Wesson in late 2014.

The Battenfeld acquisition moved Smith & Wesson’s reach into the shooting accessories and reloading markets – areas that have potentially larger profit margins that firearms.

Earlier this year, Smith & Wesson announced that Battenfeld Technologies would acquire PowerTech, a flashlight manufacturer that was making Smith & Wesson lights under license.

Smith & Wesson now owns the following companies and brands:

• Thompson/Center
• Battenfeld Technologies
• Caldwell Shooting Supplies
• Wheeler Engineering
• Tipton Gun Cleaning Supplies
• Frankford Arsenal
• Bog-Pod
• Lockdown Vault Accessories
• Golden Rod
• Hooyman
• Non-Typical Wildlife Solutions
• Taylor Brands
• Schrade
• Uncle Henry
• Old Timer
• Imperial
• PowerTech

The Taylor Brands acquisition was made for $85 million in cash.

“Taylor Brands provides us with an ideal opportunity to further deliver on an important element of our strategic plan, which is to grow our Accessories Division by expanding into adjacent and complementary markets,” said James Debney, president and CEO of Smith & Wesson. “Established over 40 years ago, Taylor Brands is a recognized provider of high-quality knives and tools under several well-known brands, especially the Smith & Wesson and M&P brands.”