Who owns Remington firearms? That’s a question everyone should be asking themselves. Recently, the US Roundhill Group acquired the Remington brand, and announced that the company would resume firearms production at its historic plant in Ilion, New York. But who is the new owner of Remington? Here’s a closer look. The answer is surprising – a company called RemArms was founded by an engineer with 17 years of firearms industry experience.
Remington’s history is complex. Its founder, Eliphalet Remington, Jr., makes the first hunting rifle in 1816, and subsequently forms E. Remington and Sons. That company goes bankrupt in 1886, and Remington’s sales decline sharply in the first quarter of 2019. In February of that same year, the company is bought by Marcellus Hartley and his partners, who rename it the Remington Arms Company. The new ownership of Remington bolsters marketing efforts. In fact, the company is a major sponsor of the Winston Cup auto racing series.
Despite this bankruptcy, Remington’s sales were strong at the time of the private equity firm’s purchase. The future looked promising, but the company was unable to break free from its debts. A decade later, the company was unable to come out of debt-ridden status. Its executives were upset that the company was sold off, but the deal was still profitable for them. Nevertheless, the question remains, who owns Remington firearms?
While the initial bankruptcy filing was stopped, the company still struggled with restructure. In 2020, the company filed for bankruptcy protection again. It will be interesting to see who is next in the long run. There are rumors of Remington executives buying up other companies, and the company’s assets will be divided among them. They will certainly make some very nice lever-gats and other firearms, but the future is unclear.
The Remington company started in 1816. The company is America’s oldest gun maker. Its headquarters are located in Ilion, New York. Its history includes the invention of the breach-loading rifle and selling fishing gear under the Stren brand name. The company has also produced a long line of ammunition for military use. And it’s a company that’s rooted in American innovation.
The company’s bankruptcy filing was the first step toward the acquisition by JPMorgan Chase and Franklin Advisors. In a bankruptcy filing, the company received a total of $193 million in loans from seven banks. A private equity firm, Cerberus Capital Management, had owned the company before it filed for bankruptcy protection. The new owners plan to focus on reestablishing the brand name in a reorganized organization.
During the Civil War, the Remington company suffered a decline in business. But the company’s breach-loading rifles helped boost its output. It sold hundreds of thousands of rifles abroad, including Sweden, France, Denmark, and Spain. Remington even secured $11 million in government contracts with the French government. At one point, Remington’s capacity exceeded that of the entire nation of England. In the midst of this wartime boom, the company employed 1,850 people and produced 1,400 rifles and 200 revolvers a day.