Published: January 24, 2012
Norwest Equity Partners Invests in Leading Sporting Firearms Manufacturer Savage Sports Corporation
MINNEAPOLIS - (BUSINESS WIRE) - Norwest Equity Partners ("NEP" ), a leading middle market investment
firm, announced today that it has made a significant investment in
Savage Sports Corporation ("Savage" or the "Company" ), one of the
world's premier providers of outdoor sportsman products. Operating under
the brand names of Savage Arms, Savage Range Systems and BowTech
Archery, the Company designs, manufactures and markets a broad range of
rifles, shotguns, archery and range systems primarily used for hunting,
competitive and recreational target shooting. NEP invested alongside
Savage management in this transaction, which closed on January 24, 2012.
The Savage Arms brand was first established in the late nineteenth
century by Arthur Savage and since then has expanded into a portfolio of
well-known, market leading brands that also include Stevens and Fox. The
Company has also earned a reputation for manufacturing quality products
for accuracy, innovation, value and superior American craftsmanship.
Savage is led by CEO Ron Coburn, a 31-year industry veteran who joined
the Company in 1988. NEP was first introduced to Coburn eight years ago
when Norwest Mezzanine Partners ("NMP" ), NEP's affiliated mezzanine
fund, made an investment in support of Long Point Capital, a
middle-market equity fund that led a recapitalization of the business in
September 2004.
Erik Torgerson, a NEP partner and senior advisor, stated, "Savage is an
industry leading, best-in-class company. Our investment will help
advance global market expansion and the continued development of an
innovative, diversified products platform. The Company operates within a
fragmented industry, and there is significant opportunity for
consolidation through add-on acquisitions in both existing and adjacent
market categories. Under the leadership of Ron Coburn and his
accomplished management team, Savage is well-positioned to continue to
expand and exceed its growth objectives." Torgerson and Tim DeVries, a
NEP managing general partner, have joined the Savage board of directors.
Coburn stated, "This new investment partnership with NEP marks an
exciting time for Savage. On behalf of our management team and
employees, we look forward to working with the NEP team, exploring new
business opportunities and advancing our business potential together."
Savage is headquartered in Westfield, Massachusetts, and has over 600
dedicated employees. Manufacturing facilities are located in Westfield;
Lakefield, Ontario; and Eugene, Oregon.
Wells Fargo Securities and Bank of America Merrill Lynch served as
co-lead agents for the senior financing, and Norwest Mezzanine Partners
provided the mezzanine financing for this transaction. Robert W. Baird &
Co. advised Savage Sports Corporation and Long Point Capital on the
transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal
counsel to NEP, and Ropes & Gray LLP served as legal counsel to Savage
Sports Corporation.
More information about Savage firearms can be found on www.savagearms.com;
for range systems, www.savagerangesystems.com;
and for archery, www.bowtecharchery.com.
Partnering with business owners since 1961, Norwest Equity Partners
(NEP) is a leading investment firm focused on building companies into
industry leaders. With a reputation for quality investments and
exceptional financial returns, NEP manages $5 billion of capital through
a series of equity and mezzanine funds. The firm is currently investing
NEP IX, with $1.2 billion in capital.
Norwest Equity Partners
Heather Goodwin
Director of Marketing
612-215-1676
hgoodwin@nep.com
www.nep.com
Copyright © 2012, Business Wire, Inc., All rights reserved.
Copyright © 2012, NewsBlaze,
Daily News
Search News
