Norwest Mezzanine Partners Invests $9.7 Million in Savage Arms, Inc.
September 10, 2004
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. Visit www.longpointcapital.com for more information.