PLANO, Ill., June 18, 2012 /PRNewswire/ -- Plano Molding Co. and Frabill Inc. have announced that they are joining forces, uniting two iconic fishing tackle brands that have been serving anglers and outdoor enthusiasts for more than 70 years. The transaction, whereby Plano will acquire Frabill, brings together under one roof the worldwide leader in fishing tackle storage systems and the North American leader in live bait storage, landing nets and portable ice fishing shelters and related accessories.
"The Frabill product line has achieved significant brand equity in the 29 years of ownership by the Marble family. To accomplish the future growth objectives of the company, we sought a partner that could provide the necessary resources while maintaining the core values of service and quality our customers have come to expect," said Jeff Marble, CEO of Frabill. "Plano's excellent reputation with both fishermen and our retail partners made the decision an easy one. We are extremely excited to become part of Plano and we look forward to what we can achieve together in the years to come."
"Frabill and Plano are a perfect fit - like peanut butter and jelly," said Tom Hurt, Plano president and CEO. "We serve the same customers and our products sit next to each other on the store shelf. More importantly, our companies share common core values, which include world-class customer service and an uncompromising dedication to product quality. Together, we will continue to drive excitement and excellence into our categories by introducing innovative products for many years to come.
"A combination with Frabill advances our long-term strategy of broadening Plano's focus on fishing and hunting storage products with complementary brands and product categories," Hurt added.
Frabill's shareholders were advised by Joe Froehlich of Corporate Financial Advisers and William Soderstrom of Fox, O'Neill & Shannon. Michael Lusk of McGuireWoods LLP acted as legal counsel to Plano.
Frabill was established in 1938 and is celebrating 73 years of providing the most trusted gear in the fishing industry. Frabill's fresh and saltwater products include a wide selection of landing nets, portable aeration systems, bait containers, bait care, bait traps and seines, apparel and other fishing accessories. Frabill's ice fishing product mix consists of portable ice fishing shelters, ice fishing rods and combos, tip-ups, bait containers, portable aeration, apparel and other ice fishing accessories.
Founded in 1932, Plano Molding Co. manufactures and sells organizational products for fishing and hunting enthusiasts as well as a variety of consumer applications. Plano is the leading fishing tackle box and tackle storage system brand worldwide. Plano is also a leading supplier of retail gun and archery cases and other fall sports products. Other products in the Plano family include Plano toolboxes, Tenzing hunting packs, Golf Guard golf club cases, Creative Options craft storage cases and Caboodles cosmetic cases.
SOURCE Plano Molding Co.