Bass Pro Shops has partnered with Goldman Sachs’ private equity arm to make an offer for US-based hunting and fishing store chain Cabela’s.
The partnership will give Bass Pro the equity financing it needs to pursue an acquisition of Cabela’s.
Sidney, Nebraska-based Cabela’s said in December it was working with investment bank Guggenheim Securities LLC to explore strategic alternatives including a sale.
Activist hedge fund Elliott Management Corp. has been pushing for a Cabela sale.
Bass Pro’s and Goldman’s consortium face competition for Cabela’s from buyout firms, and the sale process is still in the early stages, sources told FoxBusiness on Tuesday.
Cabela recently announced that it was also considering selling its credit card business separately and received interest from other potential buyers.
Bass Pro Shops and Cabela are not responding to requests for more information at this time.
The sources of the buyout talks have remained anonymous because talks are still in their preliminary stages.