Tweet
Remington Arms Company, Inc. one of the nation's oldest continually-operating firearms companies, is being acquired by an affiliate of Cereberus Capital Management, L.P. The $370 million dollar acquisition includes the assumption of all of Remington Arms Company, Inc.'s liabilities and product lines.
Remington CEO Tommy Millner released a statement characterizing the transaction as "an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years…"
The acquisition gives Cereberus two gun companies, Remington Arms and Bushmaster. Sources familiar with both companies say Remington will quickly add an AR-style rifle platform to complement their M24SWS Sniper Weapon System while Bushmaster will likely add signature branded ammunition and products.
Remington also includes a total line of shotshell, centerfire, rimfire and handgun ammunition and manufacturing under the Remington and UMC brands. For many years, Remington has remained the number one producer of both rifles and shotguns in the US domestic market.
Credit Suisse Securities (USA) LLC provided financing commitment and advisor services to Cereberus in the acquisition, expected to close in June 2007.
We will have complete details and reaction to the acquisition in the Friday, April 6, 2007 editions of The Outdoor and Shooting Wires.
Remington CEO Tommy Millner released a statement characterizing the transaction as "an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years…"
The acquisition gives Cereberus two gun companies, Remington Arms and Bushmaster. Sources familiar with both companies say Remington will quickly add an AR-style rifle platform to complement their M24SWS Sniper Weapon System while Bushmaster will likely add signature branded ammunition and products.
Remington also includes a total line of shotshell, centerfire, rimfire and handgun ammunition and manufacturing under the Remington and UMC brands. For many years, Remington has remained the number one producer of both rifles and shotguns in the US domestic market.
Credit Suisse Securities (USA) LLC provided financing commitment and advisor services to Cereberus in the acquisition, expected to close in June 2007.
We will have complete details and reaction to the acquisition in the Friday, April 6, 2007 editions of The Outdoor and Shooting Wires.
Comment