February 25, 2009
Combined Systems acquires firearms manufacturer Penn Arms
JAMESTOWN, PA - Combined Systems, Inc. (“CSI”), a leading manufacturer of high quality branded munitions serving military and law enforcement markets, today announced that it has completed the acquisition of Penn Arms, Inc. (“Penn Arms” or the “Company”), a premier manufacturer of specialty firearms. Financial terms were not disclosed.
Founded in 1989 and headquartered in Punxsutawney, Pennsylvania, Penn Arms develops and manufactures various caliber firearms for law enforcement and military applications. Penn Arms specializes in single and multi-shot launchers capable of rapidly deploying various types of ammunition used in riot suppression and other crowd control operations.
Richard Edge, Chief Operating Officer of CSI, stated “We are extremely happy about completing the acquisition of Penn Arms and welcoming them as part of the CSI team. Their excellence in developing and manufacturing specialty firearms is only matched by the high-level and personal customer service that they provide. We believe that this acquisition will assist in furthering the consistent growth of CSI in the law enforcement and military markets.”
Co-founder of Penn Arms, Mr. Hans Kornberger, will continue to manage the operations of the Company. “I am excited about the road ahead and expansion possibilities of teaming up with CSI” said Mr. Kornberger. He added “We have been working closely with CSI for many years and we believe that all of our current customers will benefit as we expand our capabilities throughout the military and law enforcement markets.”
As the premiere name in the tactical and non-lethal launcher market, Penn Arms plans to aggressively pursue opportunities throughout the world through the CSI marketing and distribution channel. Penn Arms has been providing exceptional products and unmatched
customer service since its inception and the Company is poised for expansion in the growing less-lethal and tactical defense markets.
Founded in 1981, CSI is a leading manufacturer of high quality branded products including less lethal munitions, tactical munitions, warning signal rounds, pyrotechnic fuzes, anti-riot products and missile components that serve military forces and law enforcement agencies around the world. The company has executive offices in Great Neck, NY and manufacturing facilities located in Jamestown, PA. For more information please visit the website at www.less-lethal.com or www.combinedsystems.com
CSI is majority owned by Point Lookout Capital Partners, L.P., a New York-based investment firm focused on leveraged buyouts and growth investments in middle market companies. Carlyle Mezzanine Partners, a division of The Carlyle Group, also participated in the acquisition of the company.