Four months after Cerberus Capital Management said it would sell the Freedom Groupa collection of firearms makers whose products include the semiautomatic Bushmaster rifle used in the Newtown, Connecticut, school shooting that left 26 people, including 20 children, dead last Decemberthe private equity giant has retained Lowenstein Sandler to advise on the potential transaction, The Am Law Daily has learned.
Though Cerberus spent the past several years assembling Madison, North Carolinabased Freedom Group in a series of deals for such well-known gun industry brands as Bushmaster and Remington, pressure from pension funds and other institutional investors in the wake of the school massacre prompted it to announce it was putting the portfolio company up for sale. (In an added wrinkle that the private equity firm has stated did not factor into its decision, Cerberus founder Stephen Feinberg‘s father is a resident of Newtown.)
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