Vista Outdoor announced the sale of Savage Arms on Monday, July 8, a divesture the publicly traded corporation announced it intended to make last year. The management-led buyout was headed by Al Kasper—who has been with Savage since 1996 and currently serves as company president and CEO. Long Range Acquisitions is the official buyer listed in documents filed with the Securities and Exchange Commission. Purchase price was $170 million, with $12 million to be paid upon maturity of a five-year seller note.
“We want to thank Vista Outdoor for the support over the last six years,” Kasper said. “They invested in us and provided guidance in the transformation of the Savage brand, further developed our product portfolio allowing entry to new markets. Savage is an extremely strong brand and in a great position to keep charging forward. The momentum gained under Vista Outdoor will propel us for future success. It is business as usual and Savage is excited to continue building on existing relationships within the firearms industry.”
“Divesting our Savage brand was a key aspect of our transformation plan, said Chris Metz, Vista Outdoor CEO. “While it was a difficult decision to sell such an iconic brand, I remain confident that this was the correct choice to help Vista Outdoor grow in those categories where we can have leadership positions. Savage is a fantastic business, and it deserves to continue to evolve into other firearms categories. At this time, however, we simply do not have the resources to transform Savage into the full-service firearms company that it deserves to be and, therefore, we determined the brand would be better off with a different owner. We’re excited to see Savage reach its full potential under new ownership.”
Savage, which has been in the firearm business for more than 125 years, was acquired by Vista Outdoor’s predecessor, ATK, in 2013. ATK’s sporting business—which included Savage, Bushnell, Federal Premium and CCI Ammunition, and dozens of other hunt/shoot accessories brands—spun off in 2015 to become Vista Outdoor.
“We are excited to build on the Savage legacy and are blasting into our next chapter,” said Beth Shimanski, director of marketing. “Here at Savage we are excited to show you what we have coming, because we are just getting our barrels warm. You’ll see more customizable platforms based on our incredibly versatile AccuFit stock system, and a continued focus on making your firearm best fit your shooting and hunting needs.”