December 18th, 2012

Cerberus Will Sell Off Freedom Group Companies

Freedom Group CerberusCerberus Capital Management, LP (Cerberus), announced today that it would sell its stake in Freedom Group, Inc. (Freedom Group), a holding company that owns numerous firearms-industry businesses. The Freedom Group Family of Companies includes Remington, Bushmaster, Marlin, H&R, DPMS, Barnes Bullets, Eotac, and Dakota Arms. A Bushmaster AR15-type rifle was one of the weapons found at the scene of the Newtown, Connecticut shootings. Adam Lanza, the 20-year-old shooter, also carried Glock and Sig Sauer pistols.

Freedom Group Family of companies

In deciding to sell the Freedom Group, Cerberus was influenced by its large institutional investors. The California State Teachers’ Retirement System, which has over $700 million invested in Cerberus, stated that it was re-examining its Cerberus investment in light of recent events. Translation: After Newtown, this big pension fund was very uncomfortable with the fact that Cerberus was so heavily involved in the gun business (through its ownership of the Freedom Group and specifically Bushmaster).

Here is the text of the Press Release issued by Cerberus on December 18, 2012:

We were shocked and deeply saddened by the events that took place at the Sandy Hook Elementary School in Newtown, CT on December 14, 2012. We cannot comprehend the losses suffered by the families and friends of those killed by the unthinkable crimes committed that day. No words or actions can lessen the enormity of this event or make a dent in the pain that was inflicted on so many.

In 2006 affiliates of Cerberus Capital Management, L.P. made a financial investment in Freedom Group. Freedom Group does not sell weapons or ammunition directly to consumers, through gun shows or otherwise. Sales are made only to federally licensed firearms dealers and distributors in accordance with applicable laws and regulations. We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition.

It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level. The debate essentially focuses on the balance between public safety and the scope of the Constitutional rights under the Second Amendment. As a Firm, we are investors, not statesmen or policy makers. Our role is to make investments on behalf of our clients who are comprised of the pension plans of firemen, teachers, policemen and other municipal workers and unions, endowments, and other institutions and individuals. It is not our role to take positions, or attempt to shape or influence the gun control policy debate. That is the job of our federal and state legislators.

There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group. We will retain a financial advisor to design and execute a process to sell our interests in Freedom Group, and we will then return that capital to our investors. We believe that this decision allows us to meet our obligations to the investors whose interests we are entrusted to protect without being drawn into the national debate that is more properly pursued by those with the formal charter and public responsibility to do so.

Our thoughts and prayers are with the families and communities impacted by this tragic and devastating event.

Cerberus Capital Management, L.P.

About Cerberus Capital Management: A private equity firm established in 1992, Cerberus Capital Management, L.P. has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments.

Read Related Chicago Tribune Article about Freedom Group Divestiture.

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December 18th, 2012

Berger Reloading Manual on Sale for $24.99

The new 829-page Berger Reloading Manual is now on sale at MidwayUSA.com for $24.99. This is a very good deal. This impressive new resource sells elsewhere for $29.00. At this price, you may want to pick up a couple and give one as a gift.

Berger Reloading Manual

Book Sale Tip by EdLongrange. We welcome reader submissions.
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December 18th, 2012

Great Gift Books for Serious Shooters

Christmas Day is just one week away. Books have always been popular Xmas gifts. If you haven’t completed your holiday shopping, here are some recommended titles that should please the serious shooters and firearms enthusiasts on your shopping list. For Shooting Clubs, books also make great end-of-season member awards. Most of us would rather have a useful book than one more piece of wood to toss in a box in the closet.

Here are six recommended titles, in alphabetical order:

Applied Ballistics for Long-Range Shooting (2nd Ed. + CD)
by Bryan Litz, $44.95 (Hardcover)

If you’re a serious long-range shooter you NEED this book. Since its initial release Bryan Litz’s treatise has become the definitive resource on long-range ballistics and bullet design. While Bryan covers some very advanced topics, Bryan does a very good job of making the text comprehensible to the layman. You don’t need a degree from MIT to read this work. Bryan’s book comes compete with a CD packed with ballistics software and additional reference materials. AND, Bryan includes Ballistic Coefficient data for over 236 long range bullets.

Selous Africa Hunting book A Hunter’s Wanderings in Africa
by Frederick Courteney Selous, $19.95 (Softcover)

Frederick Selous was a legendary African hunter. It was for him that Tanzania’s famous Selous Game reserve was named. If you have an interest in big game hunting in Africa, you should get this book. As readers have noted, this is “Classic Africana”… “one of the very best exploration/hunting history books about Africa”. It is an excellent book, well-written and “all about hunting”. Selous’ life was full of adventure, and his book lets readers experience, vicariously, the danger and excitement of African hunting in a bygone era.

Precision Shooting Reloading Precision Shooting Reloading Guide
Edited by Dave Brennan, $22.95 (Spiral Bound Softcover)

This handy reference guide contains scores of useful tips from many top shooters. However, this is NOT a load manual. Rather, it explains the techniques for precision reloading, and offers advice on how to get the “Nth” degree of accuracy from your handloads. Each topical chapter is authored by a different expert. Chapters include: Reloading for Extreme Accuracy, High Power (Bolt Guns), High Power (Gas Guns), Benchrest, Magnums, Wildcats, Cast Bullets, and working up an accuracy load. Readers have praised this compact (5.5″ x 8.5″) reference: “I’ve been reloading for many many years, and [this] book still managed to contain pearls of wisdom I’d never heard before.” –T. Pratt.

Prone and Long-Range Rifle Shooting (2nd Edition)
by Nancy Tompkins, Price TBA (Coming in February 2013)

Tompkins’ treatise is a must-read for serious Palma,
F-Class, and High Power shooters. The revised and updated edition is set for release in 2013. Topics include Mental & Physical training, Reading Wind & Mirage Shooting Fundamentals, International Competition, and Loading for Long Range. Nancy Tompkins is a 4-time winner of the National Long Range Championships, and has won countless other major events. Nancy has been on six Palma Teams (as both a shooter and a coach).

Harold Vaughn Accuracy Book Rifle Accuracy Facts
by Harold R. Vaughn, $34.95 (Softcover)

Decades after it was written, Vaughn’s work remains a seminal treatise on accuracy. Vaughn was a serious scientist, working for the Sandia National Laboratories. Many “gun writers” toss out hunches about rifle accuracy. Vaughn, by contrast, did serious empirical testing and statistical analysis. Vaughn wondered why some guns shot well while seemingly identical rifles did not. Rifle Accuracy Facts covers a wide variety of topics, including internal ballistics, chamber design, barrel vibration, bullet imbalance, external ballistics, scope design and more. Writer Boyd Allen notes: “If you are serious about precision shooting, Vaughn’s book belongs in your library.”

Rifleman’s Guide to Rimfire Ammunition
by Steven Boelter, $29.95 (Softcover)

Steven Boelter’s 352-page book is a comprehensive study of all types of rimfire ammunition (including 17s and 22 mags), with over 600 photos. In a remarkable undertaking, Steven Boelter fired every brand and sample of rimfire ammo he could acquire (including 22LR, 17 Mach 2, 17HMR and 22 WMR), and recorded all the results. In all, Steven tested 11 brands and 137 different rimfire rounds, firing over 32,000 test rounds.

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