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.

    Steve Johnson

    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!