Smith & Wesson Holding Corp., the Paul Bunyan of gun makers, is looking to diversify, the company announced on Tuesday during an investor presentation at an industry trade show in Las Vegas. The revelation by Springfield, Mass.-based Smith & Wesson that it is looking to acquire makers of outdoor sporting goods was reported by the Wall Street Journal. The company would have a number of suitable candidates to choose from in the fragmented sporting goods space. Already on the block is 5.11 Inc., a maker of apparel and tactical gear for outdoor enthusiasts. The company, backed by private equity firm TA Associates Inc., is working with financial adviser Robert W. Baird & Co. on a sale process. Another company on the block is Black Diamond Inc., a maker of apparel and gear for climbing, mountaineering, backpacking, skiing and cycling, among other outdoor pursuits. The Deal's Richard Collings has details from New York.