May 13th, 2013

ATK Acquires Savage Arms (Savage Sports Corporation)

ATK buys SavageATK announced that it will pay $315 million to acquire Caliber Company, the parent company of Savage Sports Corporation which runs Savage Arms, and Stevens. Savage will be integrated into ATK’s Sporting Group business which includes Federal Premium, Alliant Powder, CCI, RCBS, Speer, Champion Targets, and other outdoor sports brands.

The acquisition of Savage by ATK will expand ATK’s portfolio offering by adding a respected producer of long guns to its family of leading brands in the shooting and outdoor sports industries. ATK anticipates closing the transaction in the first quarter of its Fiscal Year 2014, which ends June 30, 2013.

Here is the text of ATK’s 5/13/2013 Press Release announcing the Savage Acquisition:

ATK (NYSE: ATK) announced it has entered into an agreement to acquire Caliber Company, the parent company of Savage Sports Corporation (Savage). Savage is one of the world’s largest manufacturers of hunting rifles and shotguns, delivering innovative products for more than 100 years. The acquisition would expand ATK’s portfolio offering by adding long guns to its leading brands in commercial and security ammunition, shooting sports and security-related accessories. The transaction is subject to regulatory approvals and customary closing conditions. ATK anticipates closing the transaction in the first quarter of its Fiscal Year 2014 (FY14), which ends June 30, 2013.

Under the terms of the transaction, ATK will pay $315 million in cash, subject to a customary working capital adjustment. This represents a trailing twelve months ended March 31, 2013 EBITDA multiple of approximately 5.5 times (unaudited). ATK believes the acquisition will be accretive to FY14 earnings per share. ATK will finance the acquisition with cash on hand and funds available under its existing credit facility.

“The acquisition will complement ATK’s growing portfolio of leading consumer brands,” said Mark DeYoung, ATK President and CEO. “This opportunity will allow us to build upon our offerings with Savage’s prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage’s sales distribution channels, new product development, and sophistication in manufacturing will significantly increase our presence with a highly relevant product offering to distributors, retailers and consumers.”

Operating under the brand names of Savage Arms, Stevens, and Savage Range Systems, the company designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. The company was organized in 1894 by Arthur Savage and has expanded into market-leading positions. Savage is located in Westfield, Mass. and Lakefield, Ontario, and employs approximately 600 skilled employees.

“Savage offers customers a unique value proposition that is unmatched by any other firearms manufacturer and will be a tremendous complement to ATK’s existing ammunition and shooting accessories portfolio,” said Al Kasper, Savage President and Chief Operating Officer.

ATK will integrate Savage within its Sporting Group business. ATK’s Sporting Group is the established leader in sporting and law enforcement ammunition and shooting accessories. ATK’s ammunition brands include Federal Premium, CCI, Fusion, Speer, Estate Cartridge and Blazer. ATK’s accessories brands include BLACKHAWK!, Alliant Power, RCBS, Champion targets and shooting equipment, Gunslick Pro and Outers gun-care products, and Weaver optics and mounting systems.

Caliber Company has been a portfolio company of Norwest Equity Partners (NEP), a leading middle market equity investment firm, since January 2012. NEP is headquartered in Minneapolis, Minn.

ATK is an aerospace, defense, and commercial products company with approximately 15,000 employees and operations in 21 states, Puerto Rico, and internationally. ATK is headquartered in Arlington, Va. News and information can be found on the Internet at www.atk.com, on Facebook at www.facebook.com/atk, or on Twitter @ATK.

Permalink - Articles, News 5 Comments »
May 13th, 2013

Remington-Bushmaster Long Range Regional May 31 – June 2

If you’re looking for a great start for your summer, mark your calendars for May 31 through June 2, 2013 and plan to shoot the 2013 Remington-Bushmaster Long Range Regional at the Reade Range in central Pennsylvania. June in the Appalachian Mountains is a beautiful time and place. The Reade range is a first-class facility and terrific place to shoot. Since last year improvements have been made to the range to help accommodate the large number of competitors that this and other matches draw. The Regional tournament is open to conventional (sling), and F-class shooters (both F-TR and F-Open). There is still time to sign-up for the match and entries are still being accepted.

Reade Range Long-Range Regional

Firing will begin on Friday, May 31st with a 4-man team match that follows a morning of practice. Saturday is 3×1000 any/iron match followed by a wind clinic by Bryan Litz and a prize raffle. The match concludes on Sunday with 3×1000 any/any matches and awards presentations (with meal provided). Several teams are expected to be in attendance, pit pullers will be available for hire by competitors and Applied Ballistics will operate a hospitality tent with drinks and snacks all weekend.

CLICK “PLAY” to HEAR Bryan Litz TALK about LR Regional Match Course of Fire and PRIZES:

[haiku url=”http://appliedballisticsllc.com/AS_blog.mp3″ title=”Bryan Litz Voice Memo”]

As if the fun of competitive shooting isn’t enticing enough, this match is heavily sponsored with some terrific prizes. Awards for the winners include: Remington rifles, Championship medals, and first place Team medals. Pluis half the entry fees will be returned to the winners as cash awards. In addition to awards, the prize table, containing donations from over 30 sponsors with a value well over $6,000, will be raffled as door prizes. Last year, every competitor was able to walk away with a prize!

Reade Range Long-Range Regional

Reade Range Long-Range RegionalYou can visit the Reade Range website for directions to the range, accommodations, etc. CLICK HERE to view and download the Match Program as a printable PDF file.

Remington-Bushmaster Arms is the primary sponsor of the match. Applied Ballistics, LLC is promoting the match and you can see a full list of the match sponsors and prizes on the Applied Ballistics website. Sponsor donations are greatly appreciated. If you have a business in the firearms industry and would like to support the shooting sports by donating to this match, please contact Jennifer Litz at Jennifer.litz [at] appliedballisticsllc.com.

Reade Range Long-Range Regional

Permalink Competition, News No Comments »
May 13th, 2013

Ashbury Int’l Wins Patent Case on Modular Rifle Chassis System

Judge Glen E. Conrad, Chief Judge of the United States District Court for the Western District of Virginia, entered a final judgment upholding the validity of Ashbury International Group, Inc.’s patent on its modular rifle technology. The court also held that Cadex Defence, Inc. of Canada infringed that patent, and enjoined Cadex from future infringement. Ashbury was represented by the Troutman Sanders law firm, and D. Alan Nunley of Reston, Virginia. The official case title is: Ashbury International Group, Inc. v. Cadex Defence, Inc., Case No. 3:11cv79, filed on December 16, 2011, in the U.S. District Court for the Western District of Virginia.

“The court held that Ashbury’s patent is valid, and potential infringers now know that Ashbury will protect its valuable intellectual property,” said Robert Angle, the head of Troutman Sanders’ Litigation Department in Virginia and a leading intellectual property litigator. “This case validates the significant investment Ashbury has made in its technological innovations.”

After entry of judgment, Ashbury CEO/President Morris Peterson declared: “We are very pleased with the final judgment, and feel confident that our intellectual property and [our] many innovative ideas … can in fact be protected, even in the hyper-competitive firearms industry. Our customers in the government, military, and sport shooting communities rely on Ashbury’s innovations. They deserve to have our best-engineered designs, particularly in life-critical applications.”

Virginia-based Ashbury Int’l Group is a DOD contractor, systems integrator, engineering, manufacturing and logistics company serving the government, military, and Spec-Ops communities in the USA and allied foreign nations. Among its products, Ashbury has designed fully integrated precision rifle platforms using the advanced SABER®-FORSST® modular stock chassis system for sporting, target competition and tactical shooting activities. Ashbury currently holds 16 US Patents relating to its advanced modular chassis system for precision bolt action rifle platforms, including the patent infringed by Cadex, U.S. Patent No. 7,802,392, and other patents pending.

About Troutman Sanders Law Firm
Troutman Sanders LLP is an international law firm with more than 600 lawyers and offices located throughout the United States and China. Founded in 1897, the law firm represents clients ranging from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry.

Permalink Gunsmithing, News No Comments »