Daily Record FINANCIAL NEWS &
MONDAY, NOVEMBER 14, 2016
Vol. 103, No. 261 • Two SecTioNS
35¢ www.jaxdailyrecord.com
Smith & Wesson buying local company Iconic gun maker Smith & Wesson Holding Corp. is buying Jacksonville-based outdoor gear company Ultimate Survival Technologies Inc., or UST Brands, for $32.3 million in cash, as the company diversifies beyond the firearms market. UST produces survival and camping equipment at its 100,625-square-foot facility on Philips Highway. “UST Brands is our first acquisition that is entirely focused on the outdoor market, which is a key part of our vision to become the leading provider of quality products for the shooting, hunt-
Debney
ing and rugged outdoor enthusiast,” Smith & Wesson CEO James Debney said in a news release. The acquisition comes as Smith & Wesson is changing its holding company name to American Outdoor Brands Corp. to reflect its broader reach. The company will still operate its firearms division under the Smith & Wesson name. The company said UST has
$24 million in annual sales and has been growing revenue by 49 percent a year over the last four years. It said the purchase price is about 11 times UST’s earnings before interest, taxes, depreciation and amortization. In addition to the $32.3 million, Smith & Wesson will pay up to $2 million more in the next two years, depending on UST’s financial performance. UST is an 80-year-old familyowned company. “We are excited about the many organic and inorganic opportunities that UST Brands will be able
to pursue in this segment of the outdoor market with the strong support and financial backing of Smith & Wesson,” UST President Andrew Kaufmann said in the release. Kaufmann did not respond to phone messages seeking additional information last week.
Canadian firm buys Team JAS
A Canadian company, Exchange Income Corp., announced last week it acquired Jacksonville-based Team JAS, BASCH
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Reno left her legacy in legal circles
Shorstein, Coxe impressed by former attorney general
Photo by Fran Ruchalski
By David Chapman Staff Writer
Jaguars have winning move on field of supporting veterans Jacksonville Jaguars linebacker Telvin Smith enters EverBank Field before Sunday’s game carrying the U.S. Marine Corps flag as the team saluted veterans. See more photos from the game on Page A-9.
Council considering tourism marketing plan By Max Marbut Staff Writer How the city spends money designated for marketing Duval County as a destination for business, convention and leisure travelers will be amended if an ordinance under review by City Council committees is enacted. The city collects a 6 percent tourist development tax on hotel room bills, which generated about $6.3 million in fiscal year 2015-16. That money is allocated evenly between the Sports Complex Capital Maintenance Enterprise Fund, debt service for EverBank Field and tourism promotion by the Duval
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County Tourist Development Council. The tourism council uses 70 percent of its share to fund the contract with Visit Jacksonville, the convention and visitors bureau for Jacksonville and the Beaches. The bill being considered would allow 71 percent of the TDC’s budget to be used for marketing and public relations efforts in Florida, nationally and internationally. Twenty-four percent of the budget would be set aside to fund grants for events that attract tourists. The remaining 5 percent would be used to fund tourism information centers. Any funds remaining from bed taxes at the end of each fiscal year would be carried over into the year and be used only for
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improving the city’s sports and entertainment facilities or constructing new venues. The legislation also proposes changes in the structure of the tourism council. Currently, the council president serves as chair of the tourism council with another council member appointed to the ninemember board. Under the proposed bill, the council’s immediate past president would serve as chair of the tourism council and the vice president would be appointed, with the president serving as an ex-officio member. Three members would be owners or operators of lodging facilities or other tourism accommodations and three would be TOURISM CONTINUED ON PAGE A-11
Harry Shorstein was the 4th Judicial Circuit’s new state attorney in 1991 when he first sat across the table from Janet Reno. There often were meetings amongst Florida’s 20 state attorneys, he said. This one dealt with the budget or the Legislature — Shorstein can’t quite recall. But he does remember sitting across from Reno. “I knew who she was,” said Shorstein, “but I didn’t think she knew my name.” By that time, Reno had been the 11th Circuit state attorney for more than a decade, after being the first woman to hold such a position in Florida. Shorstein knew her reputation, which was that of an intelligent, brutally honest and ethical attorney. “She was one of the most impressive women I have ever known,” said Shorstein. “If I were able to be a better pros- Shorstein ecutor than I have been, I’d still fall short of Janet.” Reno, 78, died last week due to complications from Parkinson’s disease. The two shared state attorney roles for just two years before Reno continued her trailblazing path by being appointed the first female U.S. attorney general in 1993. Shorstein said despite the inequities in size and resources of the offices, Reno always seemed to bring the state attorneys together when it came to legislative issues. Ideas to bring to lawmakers often wouldn’t get off the ground without her, he said. “You had a hard time arguing with her,” said Shorstein, “because you knew she was smarter than you.” Hank Coxe saw that type of person, too, in the 1970s when he first noticed Reno. It’s a story he often tells involving, like
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