Cannon Safe recently announced that it had partnered with MidOcean Partners to acquire Stack-On Products Company. The CEO of Cannon Safe, Aaron Baker, will lead the newly combined company.
Cannon Safe is well known in the firearms community for building consumer grade lockable storage containers. GunVault is one of the company’s current brands. With the acquisition, Stack-On will now be part of the Cannon Safe business. Stack-On is known for making a range of inexpensive locking cabinets. Stack-On also makes a variety of tool boxes and garage storage products.
The name that many shooters may not recognize is MidOcean Partners. According to MidOcean, it is an “alternative asset manager that specializes in middle market private equity and alternative credit investments.” The private equity portion of MidOcean lists a number of holdings, though none appear to be in the shooting and outdoors markets. Previously, MidOcean listed Bushnell in its holdings and helped the company acquire other companies like Kolpin, Millett, Simmons, Primos Hunting and Night Optics USA.
Terms of this acquisition and partnership have not been released. However, it will be interesting to see if MidOcean provides capital for Cannon Safe to make additional acquisitions. The gun safe market (I use the term safe in the general, not technical, meaning) may be ripe for consolidation in the current economic climate.