Dominant Investment Group In Gun Industry Wants Out

Cerberus Capital Management has issued a press release that they no longer want to invest in the gun industry.  Cerberus acquired Bushmaster, maker of the rifle used by the gunman at Sandy Hook, and merged the company with Freedom Group in 2006. The Freedom Group reported net sales of $677.3 million for the first nine months of 2012, a 20 percent increase compared to the same period last year.

In a press release Cerberus said, “It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level.” Cerberus concluded that while it is not their “role to take positions, or attempt to shape or influence the gun control policy debate, there are “actions that we as a firm can take.” The equity firm has decided to “immediately engage in the formal process” of selling their investment in Freedom Group.

Found on PRNewswire.com.