Private equity firm Cerberus has put U.S. firearms maker Freedom Group up for sale following Friday’s killing of 20 children and 6 adults at the Sandy Hook school shooting in Connecticut.
Freedom Group includes Bushmaster, maker of the rifle used in the shooting at the school in Newtown. Cerberus bought Bushmaster in 2006 before adding another 10 makers of firearms, ammunition and accessories to the group.
“It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level,” Cerberus Capital Management said in a statement.
Cerberus will hire advisers to carry out a sale of the company, and return the money to its investors, which include the California State Teachers’ Retirement System (CalSTRS).
The investment firm said it was not seeking to influence the debate on gun control but had decided to sell Freedom Group to protect the interests of its clients, which also include the pension plans of other municipal workers, endowments, institutions and individuals.