You know the brands, but do you know who really owns them? Behind the scenes, strategic acquisitions and private equity powerhouses drive the firearms industry.

These are the major players shaping the shooting, hunting, and outdoor sectors.

1. Platinum Equity / GSM Outdoors

GSM Outdoors is a multi-brand developer, manufacturer, marketer, and retailer in the outdoor industry.

In June 2018, Sentinel Capital acquired GSM and began an aggressive acquisition strategy to expand its portfolio.

In November 2020, Gridiron Capital acquired GSM from Sentinel Capital for an undisclosed amount.

In July 2024, Gridiron Capital sold its controlling interest in GSM Outdoors to Platinum Equity.

• Hunting brands:

  • Ameristep

  • American Hunter

  • Apex Gear

  • Avian X

  • Big Game

  • BloodSport

  • Boss Buck

  • Down & Out

  • Evolved

  • Flextone Game Calls

  • Hawk Hunting

  • Halo Optics

  • HME (Hunting Made Easy)

  • HS Strut

  • Hunter's Specialties

  • Johnny Stewart

  • Muddy Outdoors

  • NAP (New Archery Products)

  • Scent-A-Way

  • Scent Slammer

  • Skull Hooker

  • Stealth Cam

  • Tenzing

  • Wayne Carlton's Calls

  • Western Rivers

  • Wildgame Innovations

  • Zink Calls

  • ZeroTrace

• Shooting:

  • Birchwood Casey

  • Bullseye Cam

  • Cyclops Solutions

  • SME (Shooting Made Easy)

  • Tekmat

  • TRUGLO

  • Viking Solutions

  • Walker's

• Knives and Tools:

  • Camillus Cutlery

  • Cold Steel

  • Coyote Light

  • G Outdoor Products

  • SOG Knives

• Fishing:

  • Bill Lewis Fishing

  • Big Bite Baits

  • Bucca Brand

  • Buckeye Lures

  • Cuda

  • Dobyn's Rods

  • Frog Factory

  • Phoenix Rods

  • SteelShad

  • Yamamoto Baits

2. Alliant Techsystems / Vista Outdoor

Alliant Techsystems Inc. (ATK) was an American aerospace and arms manufacturer that entered the ammunition and outdoor products in 2001.

In February 2015, ATK merged with Orbital Sciences and spun off its sporting goods and ammunition business as Vista Outdoor, which began publicly trading as "VSTO".

In late 2022, Vista Outdoor announced plans to split into two publicly traded companies: Sporting Products (The Kinetic Group) and Outdoor Products (Revelyst).

In June 2024, Vista Outdoor was cleared to sell The Kinetic Group to the industrial holding company Czechoslovak Group (CSG) for over $2 billion.

• Sporting Products (The Kinetic Group):

  • Alliant Powder

  • CCI (Cascade Cartridge Inc.)

  • Estate Cartridge

  • Federal Premium Ammunition

  • Hevi-Shot

  • Speer Ammunition

• Outdoor Products (Revelyst):

  • Hunting:

    • Primos Hunting

    • Gold Tip

    • QuietKat

    • Simmons

    • Redfield

    • Tasco Outdoors

    • Weaver Optics

  • Shooting:

    • Blackhawk

    • Champion Range and Targets

    • Eagle Industries

    • Gunmate

    • Hoppe's

    • Outers Gun Care

    • Uncle Mike's

  • Camping and Outdoor Gear:

    • Camelbak

    • Camp Chef

    • Stone Glacier

  • Cycling:

    • Bell

    • Blackburn

    • Copilot Gear

    • Fox Racing

    • Giro

    • Krashco

    • Raskullz

  • Golf:

    • Bushnell Golf

    • Foresight Sports

    • Pinseeker

  • General Outdoor Products:

    • Bee Stinger

    • Butler Creek

    • Fiber Energy Products

    • Simms

    • Venor

3. CZG / Colt CZ Group

CZG was a Czech holding company for firearms and related industries.

In June 2020, CZG raised $35 million from its IPO on the Prague stock exchange to use for US expansion.

In May 2021, CZG acquired Colt for $220 million and rebranded as Colt CZ Group.

In December 2023, Colt CZ Group acquired Sellier & Belliot for $350 million from CBC Global Ammunition, the Brazil-based ammunition holding company.

• Subsidiaries/Brands:

  • 4M Tactical

  • Brno Rifles

  • Colt

  • Colt Canada

  • Colt CZ Defence Solutions

  • Colt CZ Hungary

  • CZ

  • CZ-USA

  • Dan Wesson Firearms

  • EG-CZ Academy

  • Sellier & Bellot

  • SwissAA

  • Spuhr

4. Smith & Wesson / American Outdoor Brands

The original Smith & Wesson Company was founded in 1852, acquired by Winchester in 1855, then rebranded as Volcano Repeating Arms which went bankrupt one year later.

In 1856, Colt's patent on the revolver was expiring, so the original founders Smith and Wesson reunited to form the Smith & Wesson known today.

In 1965, Smith & Wesson was sold to Bangor Punta, then sold again in 1987 to Tomkins PLC for $112.5 million.

In May 2001, Saf-T-Hammer Corporation acquired Smith & Wesson for $15 million, after the company had nearly gone bankrupt due to a gun control agreement with Bill Clinton.

In November 2016, Smith & Wesson Holding Corporation changed its name to American Outdoor Brands.

In August 2020, Smith & Wesson was spun-off from American Outdoor Brands to form two separate publicly traded companies.

• "Adventurer" Brands:

  • Grilla Grills

  • UST Gear

  • Schrade

  • Bubba

• "Harvester" Brands:

  • Meat! Your Maker

  • BOG

  • Hooyman

  • Thompson Center

  • Old Timer

  • Uncle Henry

• "Marksman" Brands:

  • Caldwell

  • Tipton

  • Frankford Arsenal

  • Wheeler

• "Defender" Brands:

  • Smith & Wesson

  • M&P by Smith & Wesson

  • Lockdown

  • Performance Center by Smith & Wesson

  • Crimson Trace

  • Imperial

  • Laserlyte

5. JJE Capital / Palmetto State Armory

JJE Capital (short for Jamon, Julian, and Ed) was founded in 2008 to serve as the holding company for Palmetto State Armory.

Their goal was to have a corporate entity outside of PSA which they could use to invest in real estate and other companies.

JJE has since grown to become a national conglomerate with subsidiaries across firearms, manufacturing, real estate, and retail.

• Portfolio Companies:

  • AAC (Advanced Armament Corporation)

  • AAC Ammunition

  • Caliber Coffee

  • DPMS (Panther Arms)

  • H&R Firearms

  • Lead Star Arms

  • PSA Defense

  • Palmetto State Armory

  • Palmetto Outdoors Shooting Facility

  • Right to Bear

  • Soviet Arms

  • Spartan Forge

  • Kronos Knives

6. White Wolf Capital / Aero Precision

In 2013, White Wolf Capital acquired a majority stake in Aero Precision through a leveraged buyout.

In 2015, White Wolf refinanced Aero Precision, adding $9.2 million in debt to provide working capital and support further acquisitions.

In 2018, White Wolf refinanced Aero Precision again through a $30 million dividend recapitalization, which was then distributed to its investors.

• Portfolio Companies:

  • Aero Precision

  • Ballistic Advantage

  • Stag Arms

  • VG6 Precision

  • Fall Machine Company

For an up-to-date list of mergers and acquisitions in the firearms industry, see our M&A tracker.