Norwest Mezzanine Partners Invests $35.8 Million in Savage Sports Corporation
January 24, 2012
Minneapolis, Minnesota – Norwest Mezzanine Partners (“NMP”) today announced that it has invested $35.8 million in subordinated debt and equity to support Norwest Equity Partners’ (“NEP”) recent investment in Savage Sports Corporation (“Savage” or the “Company”), one of the world’s premier providers of outdoor sportsman products. Operating under the brand names of Savage Arms, Savage Range Systems and BowTech Archery, the Company designs, manufactures and markets a broad range of rifles, shotguns, archery and range systems primarily used for hunting, competitive and recreational target shooting. This investment was made out of NMP III, a $750 million limited partnership.
The Savage Arms brand was first established in the late nineteenth century by Arthur Savage and since then has expanded into a portfolio of well-known, market leading brands that also include Stevens and Fox. The Company has also earned a reputation for manufacturing quality products for accuracy, innovation, value and superior American craftsmanship.
NMP was first introduced to Savage eight years ago when the firm made an investment in support of Long Point Capital, a middle-market equity fund that led a recapitalization of the business in September 2004.
John Hogan, a partner at NMP, stated, “We are excited to have the opportunity to support and partner with NEP to re-invest in Savage. Over the last several years, we’ve worked closely with Ron Coburn, Savage CEO, and his management team, and have been a first-hand witness to the exciting growth and opportunities Savage has leveraged. The Company is well-positioned for continued momentum.”
With nearly $5 billion of combined capital under management, NEP and NMP are affiliated investment vehicles with strategies focused on providing capital to middle market businesses. Both firms possess flexibility and breadth in their investment charters, giving them a unique advantage over similar entities.
Savage is headquartered in Westfield, Massachusetts, and has over 600 dedicated employees. Manufacturing facilities are located in Westfield; Lakefield, Ontario; and Eugene, Oregon.