Huish Outdoors

[Rich Keller]

Huish Outdoors seems to be buying a lot of venerable old brands. They own Bare, Stahlsac and Atomic. Last August they added Zeagle. What is known about Huish Outdoors beyond what I can find on a google search? Does anyone know where they going with this?

 

[Scared Silly]

I too noticed their purchases. Huish was in the laundry soap business for many years and was recently bought. Like many such privately owned businesses after such sales they now have $$ to invest in other businesses. In this case, it was the dive industry. There are other such companies like Johnson Outdoors which among other companies owns ScubaPro/Uwatec in the USA. Johnson Outdoors is privately held by the Johnson family - as in SC Johnsons & Sons (Johnson's Wax). I have seen some similar purchases in the outdoor industry namely Black Diamond and Gregory Packs which was bought by Clarus Coproration a few years ago. The common thread is that the companies being bought are all solid companies in their industry and have a solid interest in the market. Further, the companies are all very complementary to each other.

 

[Cert1967]

I too noticed their purchases. Huish was in the laundry soap business for many years and was recently bought. Like many such privately owned businesses after such sales they now have $$ to invest in other businesses. In this case, it was the dive industry. There are other such companies like Johnson Outdoors which among other companies owns ScubaPro/Uwatec in the USA. Johnson Outdoors is privately held by the Johnson family - as in SC Johnsons & Sons (Johnson's Wax). I have seen some similar purchases in the outdoor industry namely Black Diamond and Gregory Packs which was bought by Clarus Coproration a few years ago. The common thread is that the companies being bought are all solid companies in their industry and have a solid interest in the market. Further, the companies are all very complementary to each other.

JOUT is a publicly traded company that just posted a +50% third quarter earnings gain. If deep down you think that JOUT is the best investment for your financial plans you can purchase this public traded stock. If it performs as it has for the past 52 weeks in future years its share price should reward you handsomely. Historical performance is another story and perhaps it is worth considering the company's long term track record.

Looking back in time, JOUT has been a poor investment since its formation in 1987 - share price peaked above $30 twice ~1990 and closed last Friday at $26.80 - up about $10/share for the 52 week period. 2000 saw the stock trade at $6-7. Trading below $6 in 2008 its current price looks good relative to the last 5-10 years, but my any account it has been a poor long term investment. From inception to date it is up ~50%, while the Dow is up ~500%, NASDAQ ~600% and the S&P about SPINX close to 400%. The stock paid a ~five cent dividend 2007-2008, insignificant to its total rate of return.

Financials are available at Johnson Outdoors |

The annual report, 10K and 10Q reports give a full accounting of the corporation's activities that are broken down on product lines. Diving/Scubapro is a business unit that is broken out. Notable is the small size and low margins of Scubapro relative to the company's other business units. If you wish to know the ownership structure and financial results, then these are the source documents - however dry of a read they might be.

While a publicly traded company, the entity is indeed controlled by Helen Johnson Leipold (CEO), related family members and trusts. A close read of the 10K will give you details about the degree of control the Johnson family (Helen) has over the company. On balance it has likely provided a good living for the Johnson family - but most importantly has provided jobs for the family - and a very poor return for non-family shareholders.

from the 10k

​

ITEM 1. BUSINESS​

Johnson Outdoors is a leading global manufacturer and marketer of branded seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping. The Company’s portfolio of well-known consumer brands has attained leading market positions due to continuous innovation, marketing excellence, product performance and quality. Company values and culture support innovation in all areas, promoting and leveraging best practices and synergies within and across its subsidiaries to advance the Company’s strategic vision set by executive management and approved by the Board of Directors. The Company is controlled by Helen P. Johnson-Leipold (Chairman and Chief Executive Officer), members of her family and related entities.​

The Company was incorporated in Wisconsin in 1987 as successor to various businesses.​

S.C. Johnson & Son, Inc. is indeed privately held

S.C. Johnson & Son has helped to make the flyswatter a thing of the past with its pest control in a can. It's one of the world's largest makers of consumer chemical products, boasting big brands such as Raid, OFF!, Glade, Mr. Muscle, Pledge, Drano, fantastik, Scrubbing Bubbles, Shout, Vanish, Windex, and Ziploc, among others. S.C. Johnson, founded in 1886, sells its products in more than 70 countries. The founder's great-grandson and once one of the richest men in the US, Samuel Johnson, died in 2004. His immediate family owns about 60% of the company; descendants of the founder's daughter own about 40%. Chairman Dr. Fisk Johnson assumed the title of CEO when president and CEO Bill Perez left for NIKE in 2004. From Google Fin

​

S.C. Johnson has a history of selling off under performing brands - only the family knows how this core business strategy applied to JOUT and Scubapro.