Smith & Wesson Brands, Inc. purchased Savage Arms today in a combination cash and stock transaction. The purchase was made in an indirect merger between Smith & Wesson and the Savage Arms subsidiary of JDH Capital I, LP. The purchase price was $160 million.

From the press release:
The transaction combines two iconic American firearm manufacturers with leading capabilities across distinct segments of the firearms market. Savage’s strength in hunting and bolt-action rifles is highly complementary to Smith & Wesson’s leadership position in handguns and growing presence across other long gun categories, creating a broader product portfolio across a wide range of shooting disciplines.
Mark Smith, President and Chief Executive Officer of Smith & Wesson, commented, “The acquisition of Savage is a transformative step for Smith & Wesson and an important milestone in our strategy to be the undisputed market leader in the firearm industry. Savage’s brand heritage, culture, and longstanding reputation for performance and innovation align closely with our own, and the business meaningfully expands our presence in the hunting category. By bringing these two companies together, we have created a broader, stronger platform with significant opportunities to better serve our customers, accelerate innovation, realize operating efficiencies and drive long-term value for our stockholders.”
Michael Fertitta, Managing Director of JDH, commented, “Savage has a storied history spanning more than 132 years, and we are incredibly proud of the business and brand the Savage team has built. Smith & Wesson is a natural partner for Savage given the complementary strengths of the two companies and their shared commitment to quality, innovation and serving the firearms community. We are excited about the potential of the combined business and look forward to participating in its continued success as a significant Smith & Wesson stockholder.”
After the transaction closes, JDH will hold 16.7% of Smith & Wesson (SWBI) outstanding common stock. The stock market reacted positively to the news pushing SWBI up about 1.5% as of 11am. JDH Capital is headquartered in Houston, Texas and invests in both entrepreneurial companies as well as real estate and minerals.
This is not the first time that Savage Arms was purchased by a larger company. In 2013, they were purchased for $315 million in cash by ATK. After ATK split into ATK Orbital and Vista Outdoor, Savage Arms became part of Vista Outdoor. Fast forward to 2019 and Vista Outdoor divested Savage Arms to a management-led group. The selling price then was $158 million with an additional $12 million to be paid out over five years.
It will be interesting to see what part of the Savage Arms management team is kept on. Al Kasper who led the management group who took Savage independent in 2019 retired as CEO in 2023. Replacing him was Chris Bezzina who had led engineering and development. Bezzina’s teams were responsible for the development of the Savage Axis rifle, the Accustock, and the A17 rifle.








