BREAKING NEWS: Cerberus to sell Freedom Group
Reuters is reporting that Cerberus Capital Management will immediately begin selling The Freedom Group …
U.S. private equity firm Cerberus Capital Management said on Tuesday it will immediately begin selling its investment in gunmaker Freedom Group in light of last week’s school shooting in Connecticut.
Cerberus acquired Bushmaster in 2006 and later merged it with other gun companies to create Freedom Group, which reported net sales of $677.3 million for the nine months ending September 2012, up from $564.6 million in the same period a year ago.
Bushmaster is the manufacturer of the AR 15 rifle used by the shooter in the Newtown killings that claimed 27 lives, including 20 school children.
“We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition,” Cerberus said in a statement.
…
The company has been wanting to sell its interests in The Freedom Group for some time now. Sales across the industry are very strong and they will remain strong for at least another 12 – 24 months.
Many gun owners have been uncomfortable with Cerberus Capital’s ownership of such a large portion of the gun industry and will be relived to hear they are selling it.
[ Many thanks to Alex ( @RogueAcosta) for the tip. ]
I founded TFB in 2007 and over 10 years worked tirelessly, with the help of my team, to build it up into the largest gun blog online. I retired as Editor in Chief in 2017. During my decade at TFB I was fortunate to work with the most amazing talented writers and genuinely good people!
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I think this is the first time I've heard of a company selling off a hot potato brand of fireams..
This whole Gun Ban is going to blow up in Obama's face just like it is in Cuomo's face as The NY Gun Bill he pushed through at the last minute. Now it was on the news last night that Police officers aren't exempt from the NY Gun Bill? All this shit is going to blow over as these Polititians are going to worry only about there own asses,as elections are coming! Two polititians who better worry are Kristen Gilibrand and Chuck Shumer in NY! These 2 are the worst anti-gun people on the planet along with Feinstien! I urge all of you too find out which of your elected officials voted for or against Gun Control and keep the ones who were for Gun Rights and Vote the other Bastards out of Office who opposed our 2nd Amendment Rights and voted for Gun Control. We do have to worry as I was reading as a Company in Brazil wants to buy Freedom Group,I say keep Freedom in the USA!