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Hope this doesn't affect their quality.
Alliant Techsystems Inc. (ATK), have acquired the Caliber Company for $315 Million. The Caliber Company is the parent company of Savage Sports Corporation. From the press release …
ARLINGTON, Va., May 13, 2013 /PRNewswire/ — ATK (NYSE: ATK) announced it has entered into an agreement to acquire Caliber Company, the parent company of Savage Sports Corporation. 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.
ATK owns a wide range of gun/tactical accessory and ammunition brands including Blackhawk, Federal Ammunition, CCI Ammunition, Speer , Blazer, Weaver Optics, Eagle Industries, Alliant Powder and RCBS. Just about the only thing they that not made until now is firearms themselves. ATK closed up 2.72% today.
ARLINGTON, Va., May 13, 2013 /PRNewswire/ — ATK (NYSE: ATK) announced it has entered into an agreement to acquire Caliber Company, the parent company of Savage Sports Corporation. 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.
ATK owns a wide range of gun/tactical accessory and ammunition brands including Blackhawk, Federal Ammunition, CCI Ammunition, Speer , Blazer, Weaver Optics, Eagle Industries, Alliant Powder and RCBS. Just about the only thing they that not made until now is firearms themselves. ATK closed up 2.72% today.
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