My understanding is that BVAC is an offshoot of HSM. I had originally heard that there was some differences of opinion within HSM, and one group split off to form BVAC...not sure if there's any truth to that or not.
What I do know is this: About 4 or 5 years ago when BVAC was just starting up, someone in the Phoenix area organized a group buy with BVAC. Several friends of mine and myself went in on about 4K of 5.56 and 3K of 9mm. The 5.56 seemed okay, not excellent...but decent practice ammo.
The 9mm however, was another story. To make a long story short...it's accuracy was atrocious. It didn't matter which pistol, or even carbine...the "group" looked like a shot pattern. Many strikes on the target exhibited keyholing. My friends experienced the same problems. We bundled what we had remaining, and sold it locally. Good riddance.
Granted, this was years ago. I see other people seem to have had good results with some of their pistol ammo, so perhaps we just got a bad batch, or perhaps it was "teething pains" for BVAC. At the last show I attended in Phoenix, Miwall had ammo cheaper than BVAC. For my money, I'd much rather have Miwall, even if I have to pay more. Maybe someday, if I continue to hear great reports about BVAC, I may give them another try. But for the moment, I'll pass on their ammo.
Tim