any word on martin?

[RadSav]

Good luck at the auction UncleRad!

Sorry to say it, but at this point I'm not sure we will even be at the auction.  A few things there I would like to have, but without the ongoing company there really is nothing we need for the current direction of our company.  The company and the people is what we wanted to save.  Nothing tremendously special about the equipment unless you want to start a string making business.  And strings sound like a cut throat nightmare to me.  Not something I'm going to miss the rest of muledeer hunting for.  But who knows!  I might lose my mind again between now and then   Or I might tag a big muley this weekend and have nothing better to do 

[HUNTINCOUPLE]

Just read the whole thread. Very sad. Started out with a MartinLynx Magnum. Man when those cams came over that arrow went! Shot that bow until 2003 when I purchased the Mathews legacy. Haven't had any issues with either one. The comment about Martin not advertising is so true! Mathews was so popular at the time I didn't even think to look at there bows. Remember talk in to Earl Knickerbocker at Four corners shop for hours about that bow. Also Hal at BlackDiamond Archery ordered limbs once which were covered by lifetime warranty. Lots of good memories with that old bow. Still use it for bow fishing.

[RadSav]

Deal May Give Martin Archery New Lease, New Life

Editor's note: In an article appearing in the Aug. 27 Archery Wire, we informed readers about the uncertain future for historic bowmaker, Martin Archery, a company struggling to stay alive and hoping to find investors to relieve its overwhelming debt. According to the following report from the Sept. 22 Walla Walla Union-Bulletin, Martin's chances for survival are improving. - JRA


By Vicki Hillhouse
Special to The Archery Wire

WALLA WALLA - Martin Archery could have a shot at survival under a new owner.

 
A Los Angeles-based private equity firm would continue the manufacturing operation in an elaborate change of hands that includes help from the Port of Walla Walla.

Diversis Capital LLC Managing Director Ron Nayot said Friday (Sept. 20) it's too soon to disclose terms of the firm's proposal. However, the vision includes a long future for the more than 60-year-old company founded by the late Gail Martin and his wife, Eva.

"It's still early right now, and there's a lot more work to be done, but we're trying to work quickly to keep Martin Archery a surviving business," Nayot said.

The next step in the process comes Monday (Sept. 23) at a special meeting of the Port of Walla Walla. Port commissioners will consider purchasing the more than 4.5-acre complex on which the company operates off Heritage Road.

Port Executive Director Jim Kuntz said the economic development agency would pay $1.3 million for the property, then lease the property to the new business.

Kuntz emphasized the 4 p.m. meeting Monday at the Port office, 310 A St., is designed simply to seek approval of the proposal. He said it could take weeks to finalize negotiations, formalize paperwork and set the changeover in motion.

The Port's land buy, at about $400,000 less than the original listing price, would help pay down the tremendous debt that has led the company to the brink of closure.

"The Port Commission has a real emphasis on business retention," Kuntz said. "This has been a stalwart company for decades. (The Port) just feels to the point that we can save some jobs and grow the business it's an investment worth making."

He said the proposed lease would start with a 10-year timeline. "That's one of the big things for the Port," Kuntz said. "We want the company to stay in Walla Walla."

Diversis would likely form a new limited liability company under which it would continue manufacturing the bows that have been used by bowhunters and archers worldwide, and even in the spotlight of Hollywood films and through celebrity endorsements.

The three-generation business that produced at least 50,000 bows a year and at its height employed 100 people had been languishing amid debt. But few knew how serious it was until the July 21 death of founder Gail Martin at 89.

The man who had turned a hobby fletching business into a manufacturer with global reach was so highly regarded as a pioneer and Archery Hall-of-Famer that those in the industry to whom he owed money were inclined to cut the business more slack, Chief Executive Officer Tim Larkin said last month.

Although the business has returned to profitability, recapitalization is essential for the company's survival, he said. Employment is down to about 20 people at the plant.

Diversis investors believe through streamlining measures and re-energizing sales, the company can grow far beyond that.

"Long-term the goal is to make the business much larger in the community and bring more jobs to Walla Walla," Nayot said.

Started about four months ago, Diversis primarily focuses on small to middle-market investments of up to $20 million in equity, according to its website. The company targets underperforming businesses for rebuilding.

Nayot commended the Port and Martin family for what is a "challenging transaction," especially considering how close the business is to closure.

"It's been a great effort to rally together and save this thing," he said. "At the point that we're at it's definitely got the opportunity to thrive. A couple months later, it could have been in real peril."

This article appears with the permission of Vicki Hillhouse and the Walla Walla Union-Bulletin.

[Woodchuck]

I read that the other day in the UB. I meant to ask you if you are still tied in with the deal?

[RadSav]

I read that the other day in the UB. I meant to ask you if you are still tied in with the deal?

RAD, Inc. has no tie to this deal at all.  Once our real estate purchase offer went unaccepted we were pretty much dead in the water.  The Diversis deal sounds like a good one as they appear very money smart.  Not sure there is any archery marketing knowledge there, but at this time money management is the most pressing issue.  You can always hire one of the big hitters in archery marketing if you have your house in order.  And I would expect Diversis to get things in order rather rapidly.  I myself will be really pulling for them and will support anything they might ask of me.  Though I have no expectations that they will.

[Woodchuck]

Thanks for the reply and thanks for trying, it would be really sad to lose yet another "institution" around here.

[Pathfinder101]

I read the article in the paper last night too.  Sounds like they may be able to save the company.  If they do I will stand by my commitment to buy a new bow from them this year.

[JPhelps]

Martin has sold. It was a joint deal between the city of Walla Walla and an investment company out of California.

It sounds like they have brought in PSE's VP of sales to help right the ship. I doubt they will have enough time to make a huge impact with their 2014 line, but the good news is they will stay in Washington and the company that bought them has a good track record of making companies successful again.

[Smossy]

Martin has sold. It was a joint deal between the city of Walla Walla and an investment company out of California.

It sounds like they have brought in PSE's VP of sales to help right the ship. I doubt they will have enough time to make a huge impact with their 2014 line, but the good news is they will stay in Washington and the company that bought them has a good track record of making companies successful again.

Atleast it will stick around and stay local

[D-Rock425]

That's good news

[bobcat]

It seems like a lot of people on here would like to see Martin stay in business, and be successful. So... what I'm curious about is why almost nobody here hunts with a Martin bow. If you want them to succeed you need to support them by buying their products, not their competitor's. I very seldom hear of anyone buying a new Martin bow. I have purchased two bows in my life and both were Martins.

[D-Rock425]

No one wants to see any company go under but there is a reason martin is where it is. 

[motg9_6]

I bought a new martin bow 3 years ago killed a bull with it every year since. Their new bows are getting pretty kick butt. Glad to hear they will keep going. Looking forward to see what they will come out with in the future.

[dawn2dusk]

  great news, looks like new Martin might be in my future!!!

[724wd]

It seems like a lot of people on here would like to see Martin stay in business, and be successful. So... what I'm curious about is why almost nobody here hunts with a Martin bow. If you want them to succeed you need to support them by buying their products, not their competitor's. I very seldom hear of anyone buying a new Martin bow. I have purchased two bows in my life and both were Martins.

umm... lots of us buy and hunt with martin bows.  they don't have sales staff/distribution/marketing of some other manufacturers.  that's why you don't see as many martins as hoyt/bowtec/mathews/bear.  we want martin to succeed and compete so we can buy more bows...