Gun Reports - News
WSJ: Cerberus to Launch Freedom Group IPO
October 26, 2009Printer Friendly | Email |
MADISON, N.C.--The Wall Street Journal had an interesting piece in the Oct. 21, 2009 issue.
The story by Peter Lattman began, "After bad bets on cars and home loans, Cerberus Capital Management is turning to guns and bullets. The private-equity firm is in advanced preparations for an initial public offering of Freedom Group Inc., said people familiar with the situation, hoping to sell shares in a little-known company it has built into a dominant player in the red-hot rifle-and-ammunition business."
The story went on to explain that Cerberus has acquired several U.S. gun-and-ammunition makers and consolidated them into the Freedom Group Inc.
According to the story, "[Freedom Group] is on track to generate about $900 million in sales this year, according to a person familiar with the results. That makes Freedom one of the world's largest manufacturers of firearms and ammunition." And the story notes, "Since the election of President Barack Obama, demand for firearms has spiked amid concerns the administration will increase restrictions on firearms ownership and levy additional taxes."
Lattman wrote, "A successful offering of Freedom Group would arrive at a welcome time for Cerberus. The firm, which manages about $24 billion in assets, has taken losses on its investments in Chrysler and GMAC. Those losses in part caused investors to withdraw $4.77 billion from the firm's hedge funds."
Cerberus acquired Bushmaster Firearms in April 2006. A year later, it paid $118 million for Remington Arms Co., then it bought acquired Marlin Firearms, Cobb Manufacturing, Dakota Arms LLC, DPMS Panther Arms, and as previously noted in GunReports, Advanced Armament Corp., which makes pistol silencers.
To read the Wall Street Journal story, click here.
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Reader Comments
Why is it that gun owners are expected to have "straight-ticket" opinions? I am a USMC vet, politically conservative, and own an AR-15. At the same time I fail to see the "sport" in killing animals that are not equal and voluntary participants in the game. Let's match adversaries by forming two opposing teams of hunters in a national park and see who walks out in a week--there's real sport!! OOOOh...a heretic speaks.
Grant, what- did the chickens you eat lose tactical battles with their executioner? Do you think deer in the woods simply grow old, retire to Florida and have painless, peaceful deaths surounded by their children? Eating meat you brought down in a fair chase is more rewarding and ethically principaled than consuming some dumbed down beast that was mass executed in a stall or cage. You don't see sport, fine. Don't hunt. But if it wern't for hunters and their political clout, your AR-15 would have been melted down pot metal by now. Stand together or perish apart. Semper fi.
Grant, what- did the chickens you eat lose tactical battles with their executioner? Do you think deer in the woods simply grow old, retire to Florida and have painless, peaceful deaths surounded by their children? Eating meat you brought down in a fair chase is more rewarding and ethically principaled than consuming some dumbed down beast that was mass executed in a stall or cage. You don't see sport, fine. Don't hunt. But if it wern't for hunters and their political clout, your AR-15 would have been melted down pot metal by now. Stand together or perish apart. Semper fi.
"Why is it that gun owners are expected to have "straight-ticket" opinions?"
You're expected to use your punkin haid for something other than hanging your ears on. Supporting hunting is not necessary, as long as you don't actively oppose it. Freedom works for everyone as long as the people who benefit from it don't try to restrict others from enjoying it.
"...I fail to see the "sport" in killing animals that are not equal and voluntary participants in the game."
How is it that deer are not equal? They can hear better, see better, smell better, hide better, and run faster than man, they live off of the land their entire lives, and more than 80-90% of hunters come out of the woods after deer season without ever firing a shot because they were outsmarted by a herbivorous animal with a brain the size of an orange.
"Let's match adversaries by forming two opposing teams of hunters in a national park and see who walks out in a week--there's real sport!"
That isn't called sport, it's called war. We have quite enough of that going on already, so I'll give it a pass, thanks very much.
Gaviota
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