Remington Auctioned Off to Seven Bidders in Bankruptcy Court

martinakl

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(Bloomberg) -- Remington Outdoor Co., the 200-year-old gun maker that filed for bankruptcy again in July, has been auctioned off in court.

Seven bidders will each purchase a portion of the company’s businesses, according to a filing in the northern district of Alabama.

The development caps a hunt for buyers to bring in funds to pay off creditors. Cerberus Capital Management had acquired Remington in 2007, and the firearms and ammunition giant accumulated nearly $1 billion in debt.

The company said previously that it had $437.5 million in sales last year, about half the business it did in 2016.

Here are the details on the successful bidders and the Remington businesses they are buying:

  1. Vista Outdoor Inc. for its Lonoke ammunitions business and certain IP assets
  2. Roundhill Group LLC for its non-Marlin firearms business
  3. Sierra Bullets LLC for its Barnes ammunitions business
  4. Sturm, Ruger, & Co. for its Marlin firearms business
  5. JJE Capital Holdings LLC for DPMS, H&R, Stormlake, AAC and Parker brands
  6. Franklin Armory Holdings Inc. for Bushmaster brand and some related assets
  7. Sportsman’s Warehouse Inc. for Tapco brands

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Axl

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Very good news for Marlin. The Remington firearms division was, however purchased by Roundhill, a real estate investment firm. I'm SURE they can make it work...
 

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