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Norwest Equity Partners (“NEP”), a leading middle market investment firm, announced today that it has completed the sale of its portfolio company, Caliber Company, D.B.A. Savage Sports Corporation (“Savage” or the “Company”), one of the world’s premier providers of outdoor sportsman products, to ATK (NYSE: ATK). The sale transaction was valued at $315 million and closed on June 21, 2013.
Savage designs, manufactures and markets a broad range of rifles, shotguns, and range systems primarily used for hunting, competitive and recreational target shooting. ATK will integrate Savage within its Sporting Group business, helping to expand ATK’s portfolio offering by adding long guns to its leading brands in commercial and security ammunition, shooting sports and security-related accessories. ATK’s Sporting Group is the established leader in sporting and law enforcement ammunition, and shooting accessories, serving sport-shooting enthusiasts, law enforcement professionals, military and tactical markets worldwide.
Tim DeVries, NEP Managing General Partner, stated, “We value the tremendous opportunity we’ve had with Savage over the past 16 months. We accomplished a lot in a short period of time and the Company’s combination with ATK’s Sporting Group is a great fit. Savage and ATK are established market leaders and produce some of the most widely-known and respected brands in their industries.”
The Savage Arms brand is more than 120 years old. Arthur Savage first established the brand in 1894 and since then the Company has expanded into a portfolio of well-known, market leading brands, including Savage Arms, Stevens, and Savage Range Systems. As part of the sale transaction, NEP will retain its ownership in BowTech, a manufacturer and distributor of bows and archery equipment (acquired by Savage in 2008) and will operate the business as a standalone, independent entity unaffiliated with ATK’s Sporting Group.
Wells Fargo Securities, LLC served as the exclusive financial advisor to Savage.
Savage is headquartered in Westfield, Massachusetts, and employs approximately 600 skilled employees. Manufacturing facilities are located in Westfield, Mass. and Lakefield, Ontario.
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Friday, December 13, 2013
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