Bruckmann, Rosser, Sherrill & Co., a private equity firm, has made a significant investment in Magpul. The press release, dated 21 September, was published the day before the press release announcing Triangle Capital’s $14.8 million Magpul investment. The wording of the press release makes me wonder if “buys Magpul” is a more accurate phrase than “significant investment in Magpul”.
NEW YORK, NY, September 21, 2011 – Bruckmann, Rosser, Sherrill & Co. (“BRS”), a New York-based private equity firm, announced today that it has made a significant investment in Magpul Industries Corp. (“Magpul” or the “Company”). Magpul’s executive management team, consisting of founder/President Richard Fitzpatrick, VP of Product Development Michael Mayberry and COO Doug Smith, will continue to be significant shareholders following the transaction. Financial terms of the transaction were not disclosed.
Magpul, based in Erie, Colorado, designs, assembles and markets a range of innovative, performance-driven accessories for firearms. The Company’s products include polymer-based magazines, sights, stocks, slings, grips, rails and other accessories primarily for the AR-15 rifle platform (“modern sporting rifles” or “MSRs”). Magpul also offers firearms training classes, training videos and other consumer products which embody the brand’s spirit of self-sufficiency. While many of Magpul’s products are designed for professional shooters, the customer base encompasses a broad spectrum of end-users from hobbyists and sporting enthusiasts to the most specialized and highly trained military units in the world. Magpul is considered the premier brand and leading innovator within the MSR accessories market.
Bruce Bruckmann, co-founder and Managing Director of BRS, said “We are very excited to partner with Rich, Mike, Doug and the rest of the Magpul team. They have built an extraordinary company and the preeminent brand within the MSR accessories market. We look forward to supporting the Company’s continued growth.”
Richard Fitzpatrick, founder and President of Magpul, said “We chose to partner with BRS because of their deep experience in the consumer products sector and ability to provide valuable strategic guidance and access to capital. We also recognized that BRS truly believes in the Magpul brand and supports our unique culture. We look forward to having BRS as our partner.”
I have heard (and this is unconfirmed) that BRS now own 51% of Magpul.
Magpul made a statement at ARFCOM …
This is about growing in a way that is consistent with our values. To understand our values check out our Magpul Foundations.
Total acquisition by a larger company in this industry would have likely stopped Magpul from being Magpul. So instead we looked hard for partners to help us maintain our growth while staying true to our core concepts. Our new partners bring expertise in expanding the company, while letting us focus on our strengths of manufacturing and design.
After many months working with our new partners we are more confident than ever in our choice.
Rest assured, new products will be designed and built by the same team, in the US and to the same quality standard as our current line up. The only thing that will change is our ability to grow and release products.
It is worth noting that all of this happens just 8 months after Magpul’s former interim-CEO Travis Haley left the company.