Savage Arms and their Stevens brand were bought in 2013 by ATK for $315 million in cash. After the split of ATK into ATK Orbital and Vista Outdoor, it became part of Vista Outdoor where it stayed until today. It was announced this evening that Vista Outdoor sold Savage Arms and Stevens to a management group led by CEO Al Kasper. The purchase price was $158 million now with another $12 million to be paid in five years. Vista Outdoor had planned to divest themselves of Savage and leave the firearms manufacturing industry. They will remain a significant ammo and accessory maker.
Savage Arms sent out the following by email:
“We want to thank Vista Outdoor for the support over the last six years. They invested in us and provided guidance in the transformation of the Savage brand, further developed our product portfolio allowing entry to new markets,,” said Al Kasper, Savage President and Chief Executive Officer. “Savage is an extremely strong brand and in a great position to keep charging forward. The momentum gained under Vista Outdoor will propel us for future success. It is business as usual and Savage is excited to continue building on existing relationships within the firearms industry.”
Savage, Stevens and Fox shotguns have been delivering innovative products for more than 125 years. In 1894, Savage forever changed the world of firearms with a commitment to a higher standard in quality. Savage has built a reputation for continuously improving firearm design while becoming the standard for accuracy and value in the industry.
“We are excited to build on the Savage legacy and are blasting into our next chapter. Here at Savage we are excited to show you what we have coming, because we are just getting our barrels warm! You’ll see more customizable platforms based on our incredibly versatile Accufit stock system, and a continued focus on making your firearm best fit your shooting and hunting needs.” said Beth Shimanski, Director of Marketing. “As we are transitioning, you’ll see more detailed information coming, with updated contacts and information.”
Headquarters of Savage Arms will be Westfield, Massachusetts which has been its home since their founding by Arthur Savage in 1894.
My Savage 99s and Savage Model 1921s are applauding this spinoff. They are also saying the new management group got a good deal given what ATK paid for the company during the Obama sales boom.