Alliant Techsystems (ATK) Has completed the acquisition of Caliber Company, the parent company of Savage Sports Corporation and a portfolio company of Norwest Equity Partners. Savage is a manufacturer of hunting rifles and shotguns. Savage’s BowTech Archery brand was not part of this transaction. Norwest Equity Partners acquired Savage Sports in January 2012.
Savage Sports Corporation designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. Brand names include Savage Arms, Stevens, and Savage Range Systems. Savage’s revenues for the trailing twelve months ended March 31, 2013, were approximately $200 million. The company was founded in 1894 and is based in Westfield, MA (www.savagearms.com).
“Savage has an outstanding reputation in the hunting and shooting sports industry, and we are pleased we can now include Savage as one of ATK’s highly recognized sporting brands,” said Mark DeYoung, ATK President and CEO. “ATK is committed to delivering affordable innovation to its customers, and this acquisition offers a great opportunity to expand our world leadership in sporting and security ammunition and accessories into the long guns market.”
Norwest Equity Partners is a middle-market private equity firm. The firm makes equity investments of $30 million to $150 million in companies operating in the agriculture, applied technology, business services, consumer products and services, distribution, diversified industrials, and healthcare sectors. The firm manages $5 billion of capital through a series of equity and mezzanine limited partnerships and is currently investing NEP IX with $1.2 billion in capital. Norwest Equity Partners is headquartered in Minneapolis (www.nep.com).
“Savage has been delivering customers high-quality firearms for more than 100 years,” said Al Kasper, Savage President and Chief Operating Officer. “We’re proud to continue that legacy under the ATK Sporting Group umbrella, and we know Savage’s products will be a natural complement to ATK’s existing hunting and shooting sports ammunition and accessories business.”
Alliant Techsystems (NYSE: ATK) is an aerospace, defense, and commercial products company with approximately 14,000 employees and operations in 21 states, Puerto Rico, and internationally. ATK’s Sporting Group is a provider of sporting and law enforcement ammunition and shooting accessories. ATK’s ammunition brands include Federal Premium, CCI, Fusion, Speer, Estate Cartridge and Blazer. ATK’s accessories brands include BLACKHAWK!, Alliant Power, RCBS, Champion targets and shooting equipment, Gunslick Pro and Outers gun-care products, and Weaver optics and mounting systems. ATK is headquartered in Arlington, VA (www.atk.com).
Alliant Techsystems financed the acquisition of Savage Sports with cash on hand and funds available under its existing credit facility.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-24-13