Cerberus Capital Wants Out of Gun Business After Newtown
Cerberus Capital Management, which counts former Vice President Dan Quayle among its executives, said in a statement Tuesday that it plans to sell its stake in Freedom Group, the parent company of some of the biggest names in firearms, including Bushmaster, the manufacturer of the rifle used to kill 27 people, including 20 first graders, in Friday’s massacre.
In its statement, Cerberus said, ‘We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition.’ But, the company added: ‘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.’
‘As a Firm, we are investors, not statesmen or policy makers,’ the company said. ‘Our role is to make investments on behalf of our clients who are comprised of the pension plans of firemen, teachers, policemen and other municipal workers and unions, endowments, and other institutions and individuals. It is not our role to take positions, or attempt to shape or influence the gun control policy debate. That is the job of our federal and state legislators… There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group.’