Shares of gun-maker Smith & Wesson Holding Corp. were trading nearly 2% higher Monday after the company announced that its accessories unit, Battenfield Technologies, agreed to acquire knife maker Taylor Brands for $85 million in cash. The acquisition will help the SWHC grow its accessories division by “expanding into adjacent and complementary markets,” company CEO James Debney said in a statement.

The transaction is expected to close within three to six weeks, and will not impact the 2017 first quarter that ends July 31^st. In its most recent reported quarter, SWHC’s accessories division reported sales of $65.3 million. The division is currently a relatively small part of the company’s total revenues, as its firearms segment brought in $657.6 million in revenue in the same quarter.

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Shares of Smith & Wesson are up more than 31% year-to-date in 2016, and the company is currently a Zacks Rank #1 (Strong Buy). This year has been a good one for SWHC thus far, and it will look to continue its run during the second half of 2016. The acquisition of Taylor Brands should increase the company’s accessories division, and could make the segment a bigger part of SWHC’s overall business.

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