NEW YORK, February 12, 2003 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) announces the completion of a recapitalization of Remington Arms Company, Inc. (“Remington”), a portfolio company of Clayton, Dubilier & Rice, Inc. (“CD&R”). As part of the transaction, BRS invested $30 million and owns approximately 64% of the common equity. CD&R, which has owned Remington since December 1993, retained a significant stake in common equity and notes issued by Remington.
Remington, which is headquartered in Madison, North Carolina, is a leading manufacturer of sporting goods products for the hunting/shooting sports and fishing markets under the Remington and Stren brand names. Founded in 1816, Remington has a long-established reputation for high-quality and reliable products and enjoys a leading position in each of its major markets.
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in over 20 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services (including equipment rental), commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization/restructuring and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. For more information about BRS please call (212)-521-3700 or visit www.brs.com.