Posted by: Emily Thornton on October 15, 2009
Things are looking up for Cerberus: After being dogged by investor jitters and false rumors that its hedge fund was about to default, Cerberus Capital Management is taking several of its portfolio companies public.
Soon, the firm plans to file for an initial public offering of its fire arms manufacturer Freedom Group Inc., according to people familiar with the matter. Freedom Group, with an estimated $474 million in sales, is one of the largest manufacturers in the world of fire arms and ammunition for the hunting, shooting sports, law enforcement, and military markets. Its brands include Remington, Marlin, Bushmaster, Harrington & Richardson. Cerberus declined to comment.
The decision to take the company public comes on the heels of the wildly successful listing of Cerberus’ Talecris Biotherapeutics Holdings —a former Bayer maker of plasma-derived protein therapies that the firm bought in 2005. Cerberus raised $950 million when it took the biotech company public on Sept. 30, making it the fourth-largest public offering this year, according to Renaissance Capital.