Mustad hits acquisition trail with TUF-Line takeover
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World renowned hook maker, O Mustad & Son, has taken the first step on its publicly-stated acquisition trail to more than double the size of the company within the next five years.
The Norwegian business has bought leading US line manufacturer TUF-Line from Western Filament.
Jordan Davis, Mustad Americas President, said: “We are thrilled to be adding both the TUF-Line brand and its range of products to our portfolio. Adding TUF-Line to our family is a key strategic step in expanding our ability to serve our customers in the Americas, as well as in over 160 countries where Mustad products are currently sold.”
Through this acquisition, Mustad forges a strategic partnership with TUF-Line with the goal of growing the brand into a global fishing line solution. Mustad is acquiring the TUF-Line brand and assuming the marketing, product development and distribution responsibilities of the business under the leadership of Davis, while Western Filament will maintain its manufacturing role through a multi-year supplier agreement.
“We are very excited to announce our partnership with Mustad to develop and grow TUF-Line fishing lines,” said Rex Nelson, President of Western Filament. “We are thrilled to be working with a company that has such a rich history and has been an industry leader for so many years. Through Mustad’s leadership, marketing and expertise of the fishing tackle industry, we are confident that TUF-Line will help Mustad exceed its goals while reaching its true potential as a globally recognized brand.”
Mustad is seeking to expand its footprint from a leading fishing hook brand in Europe and North America to a global fishing products platform. The company is seeking to continue making transformative acquisitions in the fishing space with a core focus on geographic expansion into the US market through strategic acquisitions of large and established bait and tackle businesses.
“Mustad has been a large and innovative player in the hook market for over a century. As both the market and our customers evolve, we see the acquisition of large, established brands, particularly in the freshwater space, as extremely attractive and well aligned with our pioneering spirit. We are eager to continue to explore brands within the bass fishing, fly fishing and accessories verticals as possible near-term acquisitions,” explained Davis.
Mustad’s merger and acquisition objectives include expanding its retail presence, remaining at the forefront of sport fishing developments and marketing, and scaling the company to achieve an efficient global business model. “It’s our mission to create a global multi-brand company within the fishing tackle industry, all the while focusing on innovation, employee and customer satisfaction and sustainability. We believe partnering with and acquiring strong brands is paramount to our success.”
Current TUF-Line dealers are urged to continue to place orders and expect shipments from Western Filament for TUF-Line products on behalf of Mustad for the next 30 days. Communications regarding the transition of front and back office operations will be sent within the coming days.