Houlihan Lokey Advises Sierra Bullets

Houlihan Lokey is pleased to announce the sale of Sierra Bullets (Sierra) to Clarus Corporation (NasdaqGS:CLAR). Houlihan Lokey served as the financial advisor to Sierra. The transaction closed on Monday, August 21, 2017.

Sierra is the gold standard for precision rifle and handgun bullets used for target shooting, hunting, and defense purposes. Since 1947, Sierra has been dedicated to manufacturing the highest quality, most accurate bullets in the world. From local and international shooting competitions to sport and hunting, Sierra offers best-in-class accuracy and precision that hunting and sport shooting enthusiasts have come to depend on. This performance is born from a proprietary manufacturing process that enables the achievement of the tightest tolerances in the industry. Sierra's products have cultivated a significant consumer following recognized by its iconic "green box" packaging. In addition to a wide base of retailers, Sierra's customers include distributors, law enforcement agencies, and industry OEMs. Located in Sedalia, Missouri, Sierra operates out of approximately 80,000 square feet of facility space.

Clarus Corporation is a holding company that seeks opportunities to acquire and grow businesses that can generate attractive shareholder returns. Clarus Corporation has substantial net operating tax loss carryforwards, which it is seeking to redeploy to maximize shareholder value in a diverse array of businesses. In addition to Sierra, Black Diamond Equipment, Ltd., and PIEPS GmbH are its other operating subsidiaries. Black Diamond Equipment is a manufacturer of active outdoor equipment and clothing for the climbing, skiing, and mountain sports markets. PIEPS is a leading designer and marketer of avalanche beacons and snow safety products.