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In a statement on Tuesday, Cerberus Capital Management called the Newtown shooting a “watershed event” and announced it’s getting out of the gun business.
Cerberus owns the gun and ammunition manufacturer Freedom Group Inc. that makes the Bushmaster rifle – used by the Newtown shooter, Adam Lanza, to kill 20 children and six adults at Sandy Hook Elementary School last week.
Martin Feinberg, father of the CEO of Cerberus, lives in Newtown, Conn. He told Bloomberg News that Friday’s school shooting in Newtown, Conn. was “devastating.”
The move by Cerberus comes after it came out that funds from the California State Teachers’ Retirement System (CalSTRS) were invested in Cerberus’ gun conglomerate – apparently in violation of CalSTRS’ investment policies.
Fortune magazine senior editor Dan Primack wonders whether a foreign gun maker will buy Freedom Group.