Remington: Who’s Buying the Pieces
The winning bids for the various pieces of Remington Outdoor Company, currently under review, have been announced
UPDATE: It’s official, a bankruptcy judge approved the sale of Remington’s massive gun factory in Ilion, Ne York, on Wednesday as part of the arms maker’s breakup. U.S. Bankruptcy Court Judge Clifton R. Jessup Jr. of the Northern District of Alabama issued an order approving the sale of the non-Marlin portion of Remington’s firearms business to Roundhill Group LLC for $13 million. The deal includes Remington’s gun factory in the Herkimer County village of Ilion and its handgun barrel factory in Lenoir City, Tennessee.
According to syracuse.com, “Roundhill has issued no public statements regarding the purchase and little is known about it. It appears to be an investment company, which could be good news for the Ilion plant and its more than 700 employees. Not being in the firearms business, it would not have another gun factory to take over the production that is done in Ilion.”
Vista’s purchase of the Remington ammunition and accessories businesses for $81.4 million has also been approved, along with Ruger’s purchase of Marlin Firearms.
The fate of Remington Outdoor Company (ROC) has been made clearer via court documents filed over the weekend detailing exactly how the company will likely be parceled off to various bidders.
ROC announced it would begin bankruptcy proceedings earlier this year, with the federal bankruptcy hearing beginning today. The bids placed for various parts of the conglomerate were released in court documents filed Sunday.
According to the documents, the Remington-branded firearms business, essentially all non-Marlin firearms, will be purchased by Roundhill Group, LLC, a property investment firm located in Virginia, for $13 million. This includes the Remington facilities in Ilion, New York and Tennessee.
Lonoke Ammunitions, which includes the Remington ammunition brands, will be purchased for $81 million by Vista Outdoor Company, which also owns Federal Ammunition, Speer, and CCI. SIG Sauer is the backup bidder.
The documents also state that Sturm, Ruger, & Co. placed the winning bid for the Marlin Firearms business.
Barnes Ammunitions Business is in line to purchase Sierra Bullets, LLC.
JJE Capital Holdings, LLC is set to buy the DPMS, H&R, Stormlake, AAC, and Parker brands.
Sportsman’s Warehouse was the successful bidder for the Tapco brand.
These bids must be approved by the federal bankruptcy court, which begins the review process today in the Northern District of Alabama.
Remington was founded in 1816 in Ilion, New York and is the oldest gunmaker in the United States.
No mention has been made in reports of Remington’s Huntsville, Alabama facility