Gun maker Freedom Group Inc., controlled by buyout and hedge fund manager
The Madison, N.C.-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that its predecessor company was formed by Cerberus to acquire Bushmaster Firearms.
Firearms and ammunitions makers including Remington Arms, DPMS Firearms and Marlin Firearms were later acquired to form Freedom Group. The company posted net sales of $427.3 million for the six months ended June 30. The company’s total debt to EBITDA ration stood at 1.7x.
The filing also said that Freedom Group has a number-one U.S. market position in terms of its sales of shotguns, traditional rifles, modern sporting rifles and ammunition.
The filing did not reveal how many shares the company planned to sell or under which symbol the company plans to list its stock.
Freedom Group designs, manufactures and markets firearms under brands including Remington, Marlin, Bushmaster, Parker and Nesika.
(Reporting by Sayantani Ghosh)