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HENSOLDT Acquires ESG Elektroniksystem-und-Logistik-GmbH

Tuesday, December 12th, 2023

• HENSOLDT acquires ESG Elektroniksystem- und Logistik-GmbH (“ESG“) from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG (“Armira”). ESG is a leading German defence systems integrator with low double-digit annual revenue growth.

• The highly complementary, high-growth acquisition accelerates HENSOLDT’s sensor solutions strategy by building on ESG’s leading innovation, software engineering and systems integration expertise.

• Transaction valued at an enterprise value of EUR 675 million plus an earn-out of up to EUR 55 million based on specific performance targets to 31 December 2024, implying an EV/EBITDA 2024E of ~10x post run-rate cost synergies.

• The acquisition is expected to be highly value creative and financially accretive.

o Accretive to HENSOLDT stand-alone revenue growth and FCF generation

o EPS accretive by year 2 including cost synergies only and double digit accretive by year 4 including cost and revenue synergies.

o ROIC above WACC by year 4 including cost synergies only and by year 3 including cost and revenue synergies.

• The transaction has full support of HENSOLDTs two key shareholders the Federal Republic of Germany and Leonardo S.p.A.

• The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals.

Taufkirchen, 5 December 2023 – The HENSOLDT Group (“HENSOLDT”) today announced that it has signed a definitive agreement to acquire ESG Elektroniksystem- und Logistik-GmbH (“ESG”), from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG (“Armira”). ESG is a leading platform-independent systems integrator as well as established technology and innovation partner for defence and security. With the acquisition of the highly complementary defence technology business of ESG, HENSOLDT expands its business with strong design and systems integrator capabilities.

Thomas Müller, CEO of the HENSOLDT Group, says: “The acquisition of ESG is an excellent fit with our overall strategy and accelerates HENSOLDT’s development as a solution provider for defence and security. By combining highly complementary capabilities from HENSOLDT and ESG, we are taking a decisive step towards becoming a leading European provider of seamlessly integrated solutions. This will put us in an ideal position to meet the existing and future requirements of our customers around the world.”

Christian Ladurner, CFO of the HENSOLDT Group, says: “The acquisition of ESG is an excellent opportunity to take our business to the next level. ESG exhibits strong growth and cash conversion given its capex-light business model. We have identified significant cost and revenue synergies which will drive attractive value creation while maintaining our discipline in capital allocation and net leverage.”

Advanced software engineering and systems integration capabilities with high profitable growth Founded in 1967, ESG is a platform-independent systems integrator and technology and innovation partner for defence and public security. ESG develops, integrates, supports and operates highly complex, security-related electronic and IT systems for defence and security.

The company serves the defence and security needs of German and foreign armed forces, public authorities and companies. ESG has been able to establish itself as a strong German systems design and integration house, playing a vital role in major current and future programs such as FCAS (“Future Combat Air System”) and F-35. Today, the company employs 1,380 people in Germany, the Netherlands and the USA with exceptional technological expertise.

For 2023, the company’s revenue is expected to be approximately EUR 330 million in accordance with IFRS, with annual growth in the low double-digit percentage range and an EBITDA margin of approximately 14%, generating strong cash flows, with maintenance capex under 1.5% of revenue.

Highly complementary defence technologies

Adding ESG’s solution portfolio will enable HENSOLDT to combine knowledge of customer ConOps (“Concept of Operations”), certifications and engineering know-how to develop smarter solutions in a faster way, in particular the digitalization of the battlefield and development of integrated network solutions. Potential examples would include areas such as Ground Based Air Defence, Signals Intelligence, Command and Control as well as enhanced solution capabilities in various airborne and naval campaigns. In addition, it will create new opportunities in platform lifecycle services deepening HENSOLDT’s offering across training, logistics and maintenance for own and third-party installed bases. Finally, the combined company will also be a strong support partner for systems procured in the USA and Israel, ensuring long-term systems support and further development in Germany.

Acquisition accelerates HENSOLDT’s sensor solutions strategy Integrating ESG’s software engineering and systems integration capabilities will support HENSOLDT’s positioning as a comprehensive solutions provider. ESG brings expertise in intelligent data networks to integrate HENSOLDT sensor systems across domains, creating critical integrated solutions for multi-domain operations. Given the highly complementary skillsets, strong cultural fit and stakeholder support, the combined group is ideally positioned to accelerate its international growth based on the track records and growth trajectories of the two companies, while remaining firmly rooted in Germany and protecting national security interests.

Attractive value creation and prudent financing HENSOLDT is acquiring 100% of ESG for an enterprise value of EUR 675 million plus an earn- out of up to EUR 55 million based on specific performance targets to 31 December 2024.

HENSOLDT expects to generate EUR 19 million run rate annual cost synergies in addition to revenue synergies from cross-selling and combined positioning for future pipeline opportunities.

The acquisition value including the earn-out implies an EV/EBITDA 2024E of ~10x post run-rate cost synergies and ~14x excluding run-rate cost synergies. In addition to the strong strategic rationale the transaction is expected to be highly financially accretive:

• Accretive to HENSOLDT stand-alone revenue growth and FCF generation.

• EPS accretive by year 2, including cost synergies only, and double-digit accretive by year 4, including cost and revenue synergies.

• ROIC (“Return on Invested Capital”) over WACC (“Weighted Average Cost of Capital”) by year 4, including cost synergies only, and by year 3, including cost and revenue synergies.

HENSOLDT intends to finance the acquisition through a capital increase from authorized capital of up to 10% of the current share capital and new debt in the amount of approximately EUR 450 million. The Federal Republic of Germany, indirectly acting through Kreditanstalt für Wiederaufbau (KfW), holding 25.1% of the shares in HENSOLDT, intends to participate in the potential capital increase pro rata to its shareholding quota.

The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals.

HENSOLDT is advised by Deutsche Bank AG as financial advisor and Gleiss Lutz and Hengeler Mueller as legal advisor.

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Indian River County Sheriff’s Office Fields FN 509 MRD-LE Pistols Agencywide

Tuesday, December 12th, 2023

(McLean, VA – December 12, 2023) FN America, LLC is pleased to announce that Indian River County Sheriff’s Office (IRCSO) of Vero Beach, Florida, has selected the FN 509® MRD-LE 9mm striker-fired pistol as their new sidearm and have issued the pistols to their more than 370 sworn deputies. The order was fulfilled through FN Law Enforcement Distributor, Dana Safety.

“We are extremely pleased to partner with Indian River County Sheriff’s Office as they field the FN 509 MRD-LE to their deputies,” said Doug Grier, Law Enforcement Business Development Director for FN America, LLC. “As they began their selection process, Indian River County Sheriff’s Office sought a new pistol that was safe and reliable for their officers to carry in the line of duty, along with a brand partner they could rely on. FN met those needs with our commitment to service and with a duty pistol designed for law enforcement, by law enforcement.”

“We are dedicated to ensuring the safety of our deputies and providing them with durable equipment to keep our community safe. Our oath to public safety remains our top priority and these new firearms are a testament to that commitment,” said Sherriff Eric Flowers, Indian River County Sheriff’s Office. “FN’s 509 MRD-LE has demonstrated to have improved accuracy and sighting versatility that coincides with the needs of our agency. We have already received our first shipment of pistols and have qualified all of our staff. Stay tuned for updates on this important transition.”

Developed for the demands of duty use and the professional user, the FN 509 MRD-LE is FN’s premier law enforcement pistol. Fully vetted through rigorous endurance testing to function with 9mm + P duty-style ammunition, the FN 509 MRD-LE delivers reliable, accurate and durable function throughout the service life of the pistol.

Topped with a 4-inch slide, that houses the FN-signature cold hammer-forged barrel, the FN 509 MRD-LE was designed for accuracy and features the company’s patented optics-mounting system that enables the direct mounting of several miniature red dot optics along with adjustable three-dot night sights.

The proven design features four passive safety systems, including a trigger safety incorporated into the flat-faced trigger. The contoured frame design delivers superior ergonomics and effective recoil management that accommodates nearly all hand sizes through the interchangeable backstraps while maintaining a natural point of aim enabling users to acquire their sights rapidly.

To inquire about the FN 509 MRD-LE, IRCSO’s newest duty-issue sidearm, for agency or individual officer purchase, please contact the FN Law Enforcement Sales team at LE@fnamerica.com. More information about the FN 509 MRD-LE or FN’s other law enforcement products can be found at www.fnamerica.com.

*Winchester Firearms is a registered trademark owned by the Olin Corporation.

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Team SIG’s Lena Miculek Defends World Title at IPSC Shotgun World Shoot

Monday, December 11th, 2023

NEWINGTON, N.H., (December 11, 2023) – SIG SAUER, Inc. congratulates Team SIG professional shooter Lena Miculek for defending her Ladies Standard World Shotgun title at the IPSC World Shotgun Championship; this is the third time Miculek has earned this title, and Lena is the only woman in the world to ever hold the title.

In addition to earning the top award amongst females, Lena impressively placed thirteenth amongst all standard competitors (men and women), is the only female to ever break into the top twenty at an IPSC Shotgun World Shoot, was the highest scoring female amongst all female competitors in all divisions to include modified and open competitors, and won the ladies standard shoot-off. In total, Miculek earned a total of three gold medals at the IPSC Shotgun World Shoot.

“The competition Lena put together at the World Shoot was a remarkable performance and we are all incredibly proud of her amazing achievements,” said Tom Taylor Chief Marketing Officer and Executive Vice President, Commercial Sales, SIG SAUER, Inc. “Lena’s success in Thailand is a direct result of her hard work and dedication to her training and commitment to her craft. In addition to defending her title she set a series of lofty goals for herself; she crushed them all and once again raised the bar for females in professional shooting. It’s an honor to have Lena as a member of Team SIG and a representation of the SIG SAUER brand to the world.”

Lena Miculek is the top multi-discipline professional shooter in the world and is a member of Team SIG representing SIG SAUER. Lena entered the world of competitive shooting when she was eight years old and was immediately a force to be reckoned with. At age 17 she won her first World Champion title, and now has 9 World Shooting titles in 5 different shooting disciplines and over 100 championship wins and national titles in the disciplines she competes in. Lena is recognized in the industry as the most-influential female competitor, and recently used her experience to develop the ROSE by SIG SAUER™ program to help, encourage, and inspire women to take on the responsibility of their own personal safety through education, training and community.

The IPSC (International Practical Shooting Competition) was held December 3 – 10, 023 in Pattaya, Thailand.

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Savage Arms Announces AccuCan Suppressor Line

Monday, December 11th, 2023

WESTFIELD, Massachusetts – December 6, 2023 – Savage Arms continues to cross categories through innovation and product design excellence with the announcement of the AccuCan line of suppressors. Initially available in three multi-caliber options, these suppressors are lightweight, field-serviceable and feature a design that reduces not only sound, but other disturbances like flash and recoil.

The suppressor market and the options available to hunters and shooters continues to grow, evolve and improve every day. For these reasons, Savage worked diligently to create a product line that stood out among the crowd. The Savage AC338, AC30 and AC22 create separation in a busy market.

“At Savage, we have continued to create new products that today’s shooters and hunters demand,” said Rob Gates, Vice President of Sales and Marketing at Savage. “We’ve introduced several products into all-new categories, and AccuCan Suppressors are no different. We’re really proud of the features, technology and true performance-enhancing qualities found in our initial suppressor offerings. We’re excited to have the Savage name in another new and rapidly growing category. We can’t wait for shooters and hunters to get these into the field to see the advanced design, quality, reliability and ruggedness that accompany all Savage Arms products.”

The AccuCan Difference

Each individual AccuCan offering is feature-rich and designed to specific criteria that allow them to go head-to-head with existing suppressors in their product category. But there are a few distinct qualities across the entire AccuCan line that represent the innovation that will make them a new, top choice.

Today’s hunters and shooters are mobile, so suppressors can’t be a burden in the weight category. AccuCan offerings from the AC338 down to the AC22 are some of the lightest suppressors available today. They’re also rugged and boast unmatched strength-to-weight ratios.

AccuCans feature a MonoKore design that increases accuracy for seasoned and novice shooters alike. This is achieved by the fact that these suppressors reduce flash and recoil—as well as sound. After all, modern suppressors should do more than reduce a little noise.

Suppressors are now used frequently and owners also need and want to be self-reliant. That’s why each AccuCan is field-serviceable with an easy-to-disassemble/reassemble three-piece design. So whether shooters are at home on the bench or in the field on a hunt, adjustments can be done swiftly without the need for specialized tools or equipment.

The Initial Lineup

The first three offerings include the AC338, AC30 and AC22. With this lineup, there aren’t too many shooters or hunters out there who can’t find a suppressor for their shooting needs. Each Savage AccuCan suppressor brings with it a purpose-driven feature or characteristic to differentiate in a crowded market.

The AC338 is designed to be the lightest suppressor for PRS shooting and beats out other suppressors in its category when it comes to weight-to-strength ratio. The AC30 is also a lightweight hunting and PRS suppressor and is designed specifically for 7.62 x 51mm and 6.5 Creedmoor ammunition. Finally, the AC22 features the MonoKore design that allows the suppressor to be serviceable and the core upgradable and reparable without damaging or changing the serialized part.

More information on the full AccuCan lineup can be found at www.savagearms.com.

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Daniel Defense Launches the Signature Series in Collaboration with John Lovell and the Warrior Poet Society

Monday, December 11th, 2023

BLACK CREEK, Ga. — Daniel Defense has partnered with John Lovell of the Warrior Poet Society to launch the Signature Series — one-of-a-kind rifles designed, built, and backed by the most trusted names in firearms.

“This initiative is incredibly important to us. We handpick partners who share our passion and values, then work with them to design their signature firearm,” said Rod Reasen, the CEO of Daniel Defense.

“I’ve loved Daniel Defense for ages. About a decade ago, I bought my very first, really nice rifle — a Daniel Defense M4A1. It’s the gun I trust my life with. Now, here we are, doing a collab, and I couldn’t be more thrilled,” said John Lovell of the Warrior Poet Society.

John Lovell’s WPSM4A1 is a completely custom build featuring the cutting-edge and heavy-duty RIS III rail — known for its SOCOM legacy and rock-solid 6-bolt System. Paired with the Holosun 515 GM atop the Unity FAST Micro Mount and a pinned and welded Surefire Warcomp, owners can quickly acquire and keep shots on target time after time. The Radian Raptor charging handle, Radian Talon safety and Railscales components make for comfortable and familiar ergonomics, while the first-time-ever OD Green Cerakote sets the WPSM4A1 apart from any Daniel Defense currently in the market. And finally, the Geissele SSA trigger makes every shot crisp and consistent. Pre-order at DanielDefense.com/WPSM4A1.

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Blackhawk Awarded T-Series Holster Contract with Belgian Federal Police

Sunday, December 10th, 2023

OVERLAND PARK, Kan. – December 7, 2023 – Blackhawk®, a leader in law enforcement and military equipment for over 30 years and a Vista Outdoor Inc. (NYSE:VSTO) brand, announced today that the United Security Group (USG) has been awarded a four-year contract from the Federal Police in Belgium to deliver new duty holsters from the brand’s T-Series holster line. As part of the contract, law enforcement professionals within the Belgian Federal Police and local police zones in Belgium will begin utilizing T-Series L3D holsters to carry their primary service pistols.

“This contract is a testament to the craftsmanship of Blackhawk products and the brand’s commitment to equipping law enforcement officials around the globe,” said Jeff Sposito, who leads the Blackhawk and Stone Glacier brands of Vista Outdoor. “We take pride in supplying military personnel and law enforcement officers with the gear they need to keep their communities safe, and we know the Belgian Federal Police are now carrying the world’s best holster.”

The Belgian Federal Police selected the Blackhawk holsters to carry their service pistol, the Smith & Wesson M&P9, while the local police zones in Belgium will have the ability to purchase new duty holsters compatible with their Glock 17/45 service pistols.

The USG noted that Blackhawk T-Series is a secure and versatile platform, with the T-Series L3D holsters coming standard with the Jacket Slot Belt Loop or being compatible with the agency selected Blackhawk Micro Tac Platform. This modularity allows officers to select the form of carry most suited to their needs without sacrificing accessibility or security.

The contract has a value of over $2.1 million and features the same holster solution that was adopted earlier this year by the French Army and the Niedersachsen State Police of Germany.

“We are honored to have our T-Series holsters selected by such a prestigious international agency,” said Liam Yarbrough, senior product line manager with Blackhawk. “This partnership signifies the trust officers place in our holsters, and it reinforces our commitment to keeping those who protect and serve safe on the job. It’s a privilege to play a role in their mission, and we take this responsibility seriously.”

To date, T-Series holsters have been selected for duty use by over 3,200 law enforcement agencies both in the U.S. and abroad. As the world’s first thumb-driven, dual-injected molded holster, the T-Series is Blackhawk’s premier duty-rated holster.

Learn more about Blackhawk’s T-Series holster and other duty products at blackhawk.com

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Rheinmetall Electronics UK Sign the Armed Forces Covenant

Sunday, December 10th, 2023

Rheinmetall Electronics UK have pledged their support and commitment to those who serve, or have served in our forces by signing the Armed Forces Covenant.

By signing the covenant, Rheinmetall Electronics UK will commit to honour and support the Armed Forces Community and recognise the value that serving personnel, including reservists, veterans and their families contribute to both the company’s business and the country as a whole.
Rheinmetall Electronics UK will pledge to support those who commit their lives to the Armed Forces by supporting UK service Veterans and those leaving the forces, offering flexible working arrangements to Reservists and offering support to Cadets through insight days and other engagements. By making these pledges, the company is supporting past, present and future members of the UK Armed Forces and demonstrating their commitment to ensuring all, whether Regular or Reserves, are treated with fairness and respect in the local and wider communities.

Richard Streeter, Rheinmetall Electronics UK Managing Director said:
“It was a great pleasure to sign the Armed Forces Covenant alongside Captain Andrew Robinson RN Captain of the Base at HMNB Portsmouth. For Rheinmetall Electronics UK, this commitment to the covenant demonstrates our support to current, future and past members of the UK Armed Forces, not only with our products but also with our commitment to the welfare of Service Veterans and Leavers, Cadets and Reservists. We remain ever grateful for their service.”

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Remington Releases 2024 Bullet Knife: The Waterfowler

Sunday, December 10th, 2023

Lonoke, Arkansas (December 5, 2023) – Remington Ammunition is thrilled to announce the release of the highly anticipated 2024 edition of their iconic Bullet Knife. This annual tradition has become a favorite among collectors, often hailed as America’s most sought-after pocketknife.

The Waterfowler is a true testament to Remington’s commitment to quality and craftsmanship. Proudly Made in the USA, this limited-edition collectible knife showcases the finest materials and meticulous attention to detail. Each knife features a 1095 Carbon Steel Clip point blade, long spey partially serrated blade, a birding gut hook, and the famous nickel silver Bullet shield inlayed in a genuine jigged bone handle.

“With only a limited quantity produced, the 2024 edition is a must-have for avid collectors and enthusiasts alike,” said Remington Cutlery Director Danny Evans. “The Bullet Knife has long been revered as one of the most-collected knives of all time, and this latest edition is sure to continue that legacy.”

In a revival of Remington’s tradition of years past, the company has partnered with award-winning wildlife artist Scot Storm to produce an annual painting celebrating each year’s new Bullet Knife. The 2024 Waterfowler painting entitled “Tangled Moment” highlights a father & son caught by surprise by an inbound flight of cupped wings waterfowl.

Bullet knife fans & collectors can find the Bullet Knife, see this year’s artwork, and purchase other collectable items celebrating The Waterfowler on Remington.com.

The 2024 Bullet Knife is available at an MSRP of $149.99. Don’t miss out on this opportunity to own a piece of history.

Find Remington ammunition at dealers nationwide and online. For more information on Remington ammunition and accessories, visit www.remington.com.

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