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Remington Arms sold to Cerberus Capital

Discussion in 'Uncategorized Threads' started by flyfishinfool, Apr 5, 2007.

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  1. flyfishinfool

    flyfishinfool TS Member

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    I just read a report on USA Today and then confirmed it with a report on Reuters that Cerberus Captial announced today the purchase of Remington Arms for $118 Million and assumed a debt of $252 Million.

    This will be interesting to follow.

    Dan
     
  2. shot410ga

    shot410ga Well-Known Member

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    Who is Cerberus Captial and what else do they own?
     
  3. bwvan

    bwvan TS Member

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    Alamo, Formica, National Car Rental, Fila Sports, Air Canada
     
  4. ec90t

    ec90t Guest

    A couple of mortgage companies, banks, etc. A little bit of everything. Hell, they even own a staffing company.

    ec90t
     
  5. Bawana

    Bawana TS Member

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    I'm sorry to say that its true. I just called Rem and they confirmed it. 1-800-243-9700. I was also told to go to Rem web site where there will be more info.
     
  6. flyfishinfool

    flyfishinfool TS Member

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    They have $16 Billion of assets on their books. Apparantly very aggresive and came from no where. Bought 28 companies in the last 10 years.

    Annual revenue is bigger that Coke or Cisco.

    Damn hedge funds are gonna own the world before we know it.

    I know in my business (timber) it is already that way. Large portfolio groups are gobbling up timber companies left and right. There are very few timber companies left standing.

    As a matter of fact, Cerberus bought Meadwestvaco's timber holdings of about 900,000 acres of timberland.
    I just hope their bean counters enjoy shooting

    I may wake up tommorrow and find out that I now work for them ! Times are a changing.

    Dan
     
  7. tj303

    tj303 Member

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    http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-05-2007/0004560240&EDATE=
    http://en.wikipedia.org/wiki/Cerberus_Capital_Management
    http://www.cerberuscapital.com/
     
  8. tj303

    tj303 Member

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    The scary name has intimidation value for Cerberus founder Stephen Feinberg, a reclusive former Princeton tennis captain with a regular-guy streak. A onetime Army Reserve paratrooper, he hunts deer when not hunting financial deals and drives an aging Ford pickup truck, friends and colleagues say.
     
  9. lumper

    lumper TS Member

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    Damn ... well at least they aint a ferner owned holding company.
     
  10. southpark

    southpark TS Member

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    Oh great, now who's watching the gates of hell?
     
  11. debateableone

    debateableone TS Member

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    They named their firm Cerberus, for the ferocious three-headed dog that guards the gates of Hades in Greek mythology. Feinberg liked the idea that one of the dog's heads was always on watch, just as his firm would guard its clients' investments around the clock. Sticking with the name Cerberus -- despite the pleas of bankers to change it to something less frightening -- didn't help matters. Neither did launching a fund called Styx, named after the river that separates the living from the dead in Hades. Says an adviser who has worked with Feinberg: "When people hear that Cerberus is looking at a deal, they groan."
    Now this man is into his business!! NO bulls$$$t.....
     
  12. BMC

    BMC Member

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    I believe they currently have a bid to buy Chrysler too.
     
  13. Mac V

    Mac V Guest

    <blockquote>"I believe they currently have a bid to buy Chrysler too."</blockquote>

    Not yet, but they're thinking about it...Bnet.com report

    Mike
     
  14. jester-the-molester

    jester-the-molester TS Member

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    Unfortunately these venture capital firms like Cerberus and Blackstone (both by the way are looking at Chrysler) are looking for a quick return on investment. This typically means splitting the company and selling off sections.... I.E the ammo division.

    I have a feeling that this is not a good move for the Remington name.
     
  15. ljutic73

    ljutic73 Well-Known Member

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    FYI, the other player in the bid for Chrysler is Magna International, a Canadian multinational auto parts maker (one of the world's largest) who own or at one time owned famed firearms and manufacturing giant Steyr.
     
  16. Doctor_Chicago

    Doctor_Chicago Member

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    The gates of Hell just opened up! ;)
     
  17. viperrt

    viperrt Member

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    Sounds like an LBO purchase. Bill
     
  18. Jollytrapshooter

    Jollytrapshooter Member

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    From what I can tell, Cerberus isn't known for splitting up companies. They had to of bought Remington for a reason, with the rising cost of lead, you wouldn't think the gun market is too great right now. They must know something we don't (shifts eyes), we can only hope...

    -Jollytrapshooter
     
  19. southpark

    southpark TS Member

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    Compete for guvmnt contracts to provide M16 replacement to military?
     
  20. Doctor_Chicago

    Doctor_Chicago Member

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    Actually this should be real good for the company!

    Stephen Feinberg likes to hunt quail and elk.

    This guy buys so many companies and has so much capital behind him that there is no stopping him...
     
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