Cerberus Capital Management LP is close to securing a minority investor
and lender for Freedom Group Inc., the parent of Bushmaster, DPMS, and Remington Arms and other firearms brands, according to multiple reports.

Cerberus announced its plans to sell the business in December 2012, shortly after the  Dec. 14, 2012, Newtown shootings. A Bushmaster rifle was used in the tragedy.

Reports indicate that other private equity firms and gun companies like Smith & Wesson
Holding Corp. have shown interest in the sale but Some Wall Street banks have been unwilling to finance a bid to sell the entire company.

Reuters reported that Freedom Group proposed on a conference call with financiers held on Monday that an undisclosed financial institution had offered Freedom Group a
seven-year $200 million loan as well a $25 million equity investment to help buy out some of Cerberus' investors. The deal reportedly valued the gun maker at around $1.2 billion. Cerberus is also exploring other ways to raise cash in order to buy out fund investors no longer wishing to own Freedom Group.