Adams Arms Inc., a Palm Harbor, Fla.-based manufacturer of rifles, has raised $2.7m in Series A financing from LB Merchant AA-1, an affiliate of Littlebanc Advisors.
The company intends to use the funding to scale production and gain market share.
Established in 2007 and led by Michael Froning, CEO, Adams Arms develops and manufactures rifles and rifle products based on its patented gas piston impingement system. It sells its products through a broad network of distributors, dealers and e-tailers, as well as on www.adamsarms.net.
Customers include Brownells, Midway and Smith & Wesson.
In conjunction with the funding, Littlebanc CEO Michael Margolies will join the company’s board of directors.