As was predicted, Cerberus Capital Management has confirmed via a filing with the SEC that it is filing for an initial public offering for its Freedom Group, Inc. Cerberus, a private equity firm best known for its ill-fated acquisitions of Chrysler LLC and GMAC LLC, said Wednesday it was in “advanced preparations” for an IPO of the Madision, NC-based Freedom Group, Inc., owner of Bushmaster Firearms, Remington Arms Co., and Marlin Firearms, among others.


Over a three year span, Cerberus has acquired at least seven U.S. gun and ammunition manufacturers which have consolidated in Freedom Group Inc.


An earlier report by the Wall Street Journal suggested that Cerberus will try to take Freedom Group public amid “a flurry of private-equity-backed companies hoping to exploit and improved IPO market.” Cerberus, which has absorbed significant losses from its Chrysler and GMAC acquisitions, manages about $24 billion in assets.




The Journal reported Freedom Group is on track to generate about $900 million this year.
 

The company plans to raise up to $200 million to go to Cerberus, but the filing with the SEC gave no indication of how many shares it will sell or at what price.

 

In its filing with the SEC, the company said it hope to continue to see renewed interest in hunting and other shooting sports.