Firearms makers up for sale after Connecticut tragedy

MADISON, N.C. — The private equity firm, Cerberus announced they are selling the firearms company that made the Bushmaster rifle that was used in the Connecticut school shooting. 

Investigators say Adam Lanza used a .223-caliber Bushmaster rifle to kill 26 people, including 20 children in the Sandy Hook Elementary shooting.

The company that Cerberus is selling is called the Freedom Group. 

It is headquartered in Rockingham County. Cerberus bought Bushmaster in 2006. 

Bushmaster and other firearm companies such as Remington Arms,  formed the Freedom Group. 

Madison has been the home of Remington Arms and the Freedom Group since 1996. 

“My understanding is they liked the area and they were so close to the airport.  It is just a corporate office, no manufacturing or anything like that,” explains Kenneth Hawkins the mayor of Madison. 

Cerberus released a statement calling the Sandy Hook Elementary shooting a “watershed event.” 

In that statement Cerberus also included this, “It is not our role to take positions, or attempt to share or influence the gun control policy debate.  That is the job of our federal and state legislators.”

“I could see a corporate not wanting to have that in their portfolio,” says Mayor Kenneth Hawkins. 

FOX 8 did call Remington and Bushmaster. 

Our calls were not returned.  It is still unclear what will happen to the Remington office in Madison.  

The Cerberus founder, Stephen Feinberg’s father lives in Newtown.

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