Virginia-based Alliant Techsystems Inc., an aerospace and defense contractor, is giving its Twin Cities-based sporting group division a shot in the arm, the Star Tribune reports.
ATK has agreed to purchase the Caliber Company from Minneapolis-based private equity firm Norwest Equity Partners for $315 million in cash.
Caliber is the parent company of Savage Sports Corporation, which is one of the world’s largest and oldest makers of hunting rifles and shotguns.
"This opportunity will allow us to build upon our offerings with Savage's prominent, respected brands," Alliant Chief Executive Mark DeYoung said in a news release. "Savage's sales distribution channels, new product development, and sophistication in manufacturing will significantly increase our presence with a highly relevant product offering to distributors, retailers and consumers."
ATK anticipates the transaction to close on or before June 30, 2013.