Savage Sports Corporation, a Westfield, Massachusetts-based provider of outdoor sportsman products, has received a significant investment from Norwest Equity Partners (NEP).
In the transaction, NEP invested alongside Savage management. Wells Fargo Securities and Bank of America Merrill Lynch served as co-lead agents for the senior financing, and Norwest Mezzanine Partners provided the mezzanine financing for this transaction. Erik Torgerson, a NEP partner and senior advisor, and Tim DeVries, a NEP managing general partner, have joined the company’s board of directors.
The investment is designed to help Savage advance global market expansion and continue to develop an innovative, diversified products platform.
Led by CEO Ron Coburn, the company designs, manufactures and markets a broad range of rifles, shotguns, archery and range systems primarily used for hunting, competitive and recreational target shooting. It operates under the brand names of Savage Arms, Savage Range Systems and BowTech Archery. Savage has over 600 dedicated employees with manufacturing facilities located in Westfield; Lakefield, Ontario; and Eugene, Oregon.