News

September 10, 2004

Norwest Mezzanine Partners Invests $9.7 Million in Savage Arms, Inc.

Norwest Mezzanine Partners invested $7.0 million of senior subordinated debt and $2.7 million of equity in Savage Arms, Inc., one of the largest manufacturers of sporting firearms in the world for over 100 years. Savage specializes in bolt-action rifles that are primarily used for hunting, competitive shooting, and recreational shooting, and has developed a worldwide reputation for producing firearms that are the “most accurate out of the box”. Savage Arms also manufactures an innovative line of environmental-friendly shooting ranges and bullet traps, which are used by the military, law enforcement agencies, firearms manufacturers, and shooting clubs.  Savage has built a legacy of producing high-quality, innovative products at reasonable prices, and has a strong brand name which allows it to maintain a leading market presence in the U.S. and Canada.

Long Point Capital served as the private equity sponsor on this transaction. Visitwww.longpointcapital.com for more information.

NMP Contact: Carter Balfour, 612-215-1664, cbalfour@nmp.com

 

Norwest Equity Partners (NEP) is a leading middle market investment focused on partnering with business owners and building companies into industry leaders. With a reputation for quality investments and exceptional financial returns since 1961, NEP manages nearly $5 billion of capital through a series of equity and mezzanine funds. Offering creative and flexible transaction solutions through management buyouts, recapitalizations and growth financings, NEP seeks $30-$150 million equity investment opportunities for growing and profitable companies within the agriculture, applied technology, business services, consumer products and services, distribution, healthcare and industrial industry sectors. NEP is headquartered in Minneapolis, Minnesota; please visit nep.com for more information.