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.