ATK completes $315M deal for Savage Sports
ATK completes acquisition of hunting rifle and shotgun manufacturer Savage Sports for $315M
ARLINGTON, Va. (AP) -- Alliant Techsystems Inc. said Monday that it completed its acquisition of Caliber Co., the parent company of hunting rifle and shotgun manufacturer Savage Sports Corp., for about $315 million in cash.
The aerospace and defense contractor, known as ATK, said the acquisition adds long guns to its lineup of commercial and personal ammunition, shooting sports and security-related accessories.
Savage's revenue for the 12 months ended March 31 totaled about $200 million. ATK said it expects the acquisition to boost its fiscal 2014 earnings per share.
Savage Sports operates under the brand names Savage Arms, Stevens, and Savage Range Systems. It designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting and target shooting.
Savage, organized in 1894, is located in Westfield, Mass., and Lakefield, Ontario. It employs about 600 skilled workers. The acquisition didn't include Savage's BowTech Archery brand.
Caliber has been a portfolio company of Minneapolis-based private equity firm Norwest Equity Partners since January 2012.
