Alliant Techsystems, Inc., (ATK) announced Monday that it has struck a deal to purchase Caliber Company, the parent company of hunting rifle and shotgun manufacturer Savage Sports Corporation, for $315 million in cash.
 
Caliber has been a portfolio company of Minneapolis-based private equity firm Norwest Equity Partners since January 2012.
 
ATK, an Arlington, Virginia-based aerospace and defense company, bought Caliber for about 5.5 times the earnings that the company reported for its 2013 fiscal year, which ended March 31. ATK said it expects the acquisition to be accretive to its 2014 fiscal year earnings per share.
 
ATK expects the transaction, which is subject to regulatory approvals and closing conditions, to close in the first quarter of its 2014 fiscal year, which ends June 30.
 
Savage Sports designs, manufactures, and markets rifles, shotguns, and shooting range systems under the brands Savage Arms, Stevens, and Savage Range Systems.
 
According to ATK, the acquisition will expand its portfolio by adding long guns to its leading brands in commercial and security ammunition, shooting sports, and security-related accessories.
 
“This opportunity will allow us to build upon our offerings with Savage’s prominent, respected brands known for accuracy, quality, innovation, value, and craftsmanship,” ATK President and CEO Mark DeYoung said in a statement. “Savage’s sales distribution channels, new product development, and sophistication in manufacturing will significantly increase our presence with a highly relevant product offering to distributors, retailers, and consumers.”
 
Founded in 1894, Savage Sports is headquartered in Westfield, Massachusetts and has a manufacturing plant in Lakefield, Ontario. The company currently has about 600 employees. ATK has made no decisions relating to personnel or operating location changes, according to a company spokeswoman.
 
ATK was headquartered in Eden Prairie from 2008 until October 2011, when it moved to its current office in Virginia. ATK also owns ammunition manufacturer Federal Premium Ammunition, headquartered in Anoka, which has nearly 1,400 employees. 

ATK’s revenue totaled $4.4 billion in its most recent fiscal year, down 5.4 percent from $4.6 billion in 2012. The company currently operates in 21 states, Puerto Rico, and internationally, with about 15,000 employees.