Shortly after the Newtown, Connecticut shootings last December, Cerberus Capital Management announced that it wanted to sell Freedom Group, the firearms company through which Cerberus owns Bushmaster and Remington Arms, among other brands. Selling the company, however, has apparently been difficult. Recent reports indicate that while some outside firms have expressed interest in Freedom Group, none have yet made any offers.
Interestingly, in response to the silence, Stephen A. Feinberg, the owner of Cerberus, made an offer to buy Freedom Group from his own fund. Some in the finance industry have wondered if Mr. Feinberg’s offer is simply an attempt to get the auction moving. Only time will tell, but it seems likely that one way or another Remington will soon have a new owner.