Winning Bids Revealed
Public court documents revealed bids for various ROC assets, including both familiar and unfamiliar names. Among the latter is investment group Roundhill Group, successful bidder of Remington’s non-Marlin firearms operation. Paying $13 million for related Remington intellectual property, as well as factories in Ilion, N.Y., and Lenoir City, Tenn., the group of “staunch Remington brand loyalists” hopes to return the company to its former prominence, and soon.
“Our intent … is to return the company to its traditional place as an iconic American hunting brand,” said Jeff Edwards, Roundhill Group partner and spokesman. “It won’t be long. Just wait and see.”
With no major real estate holdings, Roundhill Group has already announced they will recall an initial 200 furloughed workers to the Ilion plant and anticipate additional growth, according to New York State Sen. James Seward.
Meanwhile, Vista Outdoor was approved as the successful bidder of Remington’s accessory and ammunition businesses, obtaining a factory in Lonoke, Ark., among other assets. Despite the $81.4 million deal being less than half of what the two Remington brands made in sales last year, Vista Outdoor has a portfolio of successful ammunition and shooting accessory brands to its name and sees a clear path ahead.
“With our deep expertise and resources, we can transform Remington’s ammunition and accessories businesses to create a more efficient, profitable and sustainable operation,” said Chris Metz, Vista Outdoor CEO. “The Remington brand is beloved by hunting and shooting sports enthusiasts everywhere and we look forward to restoring it to greatness.”
Vista Outdoor wasn’t the only bidder to commit to maintaining the history of its newly acquired asset. Sturm, Ruger & Co. was approved as the successful bidder of Marlin Firearms in a $30 million deal, including related intellectual property, woodworking equipment and machinery.
“The value of Marlin and its 150-year legacy was too great of an opportunity for us to pass up,” said Ruger President and CEO Chris Killoy. “The important thing for consumers, retailers and distributors to know at this point in time is the Marlin brand and its great products will live on. Long live the lever gun.”
Killoy also expressed the acquisition as an opportunity to “widen [Ruger’s] already diverse product offerings.”