Bass Pro buys Cabela’s $5.5 billion

Bass Pro Shops acquired competitor Cabela’s for $5.5 billion effectively turning the outdoor retailer private, according to a joint statement released Monday.

The companies said the driving force behind the agreement were the “complementary business philosophies, product offerings, expertise and geographic footprints of the two businesses.”

Bass Pro said it intends to maintain Cabela’s management and facilities in Sidney, Nebraska, where it was founded in 1961. Also, it will continue to honor customer rewards programs such as the Cabela’s Club Loyalty program.

For Cabela’s first quarter ending in July, the company attributed a 1.5 percent increase to firearms and shooting related sales.  Total revenued generated in the quarter was $929.9 million.