Breaking News: Colt is buying LWRC for $60 million (UPDATED, again)
A well placed source just told us that Colt is buying LWRC for $60 million. The deal is supposed to close on 1 March. The Maryland company may relocate to Florida or Texas and the LWRC M6 Individual Carbine (M6IC) rifle will become a Colt branded product.
Richard Bernstein purchased LWRC in 2008 for $5 million. Bernstein, who is an owner and investor in a number of private businesses, has been involved in the defense industry for a while now. In 2004 he sold BAI Aerosystems to L-3 Communications (the manufacturer of EOTech Holographic sights). One of his companies was a supplier to LWRC before he purchased it.
Our friends at All Outdoors broke the news yesterday that LWRC was up for sale.
UPDATE #1: The sale to Colt has been confirmed by another source.
UPDATE #2: The $60 million is the total for the two companies being sold (LWRC and Matech).
* Colt Holding Corp. owns both Colt’s Manufacturing Company or Colt Defense LLC.
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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There go,s another good product (LWRC) if Colt bought them out. Reason: I have one of Colt,s AR15 (LE6920MP) & twice I had to send it back to colt for repairs. First, was loose & wobbly butt stock. Second, was Charging handle wearing a deep groove into top part of lower receiver. When I got my rifle (LE6920MP) back from Colt ( a month & a half later) it still was in the same state of need for repair as when I shipped it back to them. All I got to say: Colt Mille-Specs everything, HaHa & you can take that to the bank. My suggestion, Buy a S&W MP 5.56mm, A jewel of a rifle.
This never happened and was a false report from the beginning.