Who Bought Remington Arms?
Remington Arms Company, a legendary firearms manufacturer in the United States, has been sold multiple times since its inception in 1816. In this article, we will delve into the history of the company and who bought Remington Arms over the years.
Early Years
Remington Arms was founded in 1816 by Eliphalet Remington in Ilion, New York. The company started as a small shop that manufactured gun barrels, and it gradually grew to become one of the most respected firearms manufacturers in the world. During its early years, Remington Arms was a family-owned business, with Eliphalet’s sons, Philo and Samuel, becoming involved in the company’s operations.
First Acquisition (1936)
In 1936, Remington Arms was sold to Union Carbide Corporation, a large American conglomerate. This marked the first time the company was acquired by an external party. Union Carbide retained Remington Arms as a subsidiary, allowing it to maintain its independence while providing financial backing and resources.
Second Acquisition (1980)
In 1980, Remington Arms was acquired by Swarovski Corporation, an Austrian crystal manufacturer. Swarovski was interested in expanding its operations in the United States and saw Remington Arms as an opportunity to diversify its portfolio. Under Swarovski’s ownership, Remington Arms continued to manufacture firearms, and it even ventured into producing precision rifle scopes and other optical instruments.
Bankruptcy and Liquidation (2007)
In 2007, Remington Arms filed for bankruptcy due to financial difficulties and declined sales. The company’s assets were subsequently put up for sale, and it was acquired by the Cerberus Capital Management investment firm in a deal worth $371 million. Cerberus intended to revitalize the company, but its plans ultimately fell through.
Firearms and Investment Firm Acquisition (2020)
In 2020, Fifty Three Capital, a firearms and investment firm, acquired Remington Arms. Fifty Three Capital was formed by several high-profile investors, including the private equity firm Arctic Cat Inc., the founder of Lay’s Potato Chips, and a former CEO of Vista Outdoor. The company plans to focus on rebuilding Remington Arms as a premium brand, while also expanding its operations to include other products and services.
Significant Acquisitions and Timeline
Here is a breakdown of the significant acquisitions and events in Remington Arms’ history:
| Year | Acquirer | Type of Acquisition | Comments |
|---|---|---|---|
| 1936 | Union Carbide Corporation | Merger/Acquisition | First time Remington Arms was acquired by an external party. |
| 1980 | Swarovski Corporation | Merger/Acquisition | Remington Arms became a subsidiary of the Austrian crystal manufacturer. |
| 2007 | Cerberus Capital Management | Bankruptcy Auction | Acquired Remington Arms assets, intending to revitalize the company. |
| 2020 | Fifty Three Capital | Equity Investment | Focused on rebuilding Remington Arms as a premium brand and expanding its operations. |
Current Status
As of 2023, Remington Arms is currently under the ownership of Fifty Three Capital. The company has made significant progress in revitalizing its operations and rebuilding its brand. Despite the company’s turbulent past, Remington Arms remains one of the most recognized and respected firearms manufacturers in the world.
Conclusion
In conclusion, Remington Arms has had a storied history of ownership and acquisition. From its early years as a family-owned business to its current status under Fifty Three Capital, the company has faced various challenges and setbacks. Nevertheless, Remington Arms continues to thrive as a prominent player in the firearms industry.
