ATK Names Scott D. Chaplin as Senior Vice President, General Counsel and Secretary
September 26, 2012
ARLINGTON, Va., May 13, 2013 /PRNewswire/ -- ATK (NYSE: ATK) announced it has entered into an agreement to acquire Caliber Company, the parent company of Savage Sports Corporation. Savage is one of the world's largest manufacturers of hunting rifles and shotguns, delivering innovative products for more than 100 years. The acquisition would expand ATK's portfolio offering by adding long guns to its leading brands in commercial and security ammunition, shooting sports and security-related accessories. The transaction is subject to regulatory approvals and customary closing conditions. ATK anticipates closing the transaction in the first quarter of its Fiscal Year 2014 (FY14), which ends June 30, 2013.
Under the terms of the transaction, ATK will pay $315 million in cash, subject to a customary working capital adjustment. This represents a trailing twelve months ended March 31, 2013 EBITDA multiple of approximately 5.5 times (unaudited). ATK believes the acquisition will be accretive to FY14 earnings per share. ATK will finance the acquisition with cash on hand and funds available under its existing credit facility.
"The acquisition will complement ATK's growing portfolio of leading consumer brands," said Mark DeYoung, ATK President and CEO. "This opportunity will allow us to build upon our offerings with Savage's prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage's sales distribution channels, new product development, and sophistication in manufacturing will significantly increase our presence with a highly relevant product offering to distributors, retailers and consumers."
Operating under the brand names of Savage Arms, Stevens, and Savage Range Systems, the company designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. The company was organized in 1894 by Arthur Savage and has expanded into market-leading positions. Savage is located in Westfield, Mass. and Lakefield, Ontario, and employs approximately 600 skilled employees.
"Savage offers customers a unique value proposition that is unmatched by any other firearms manufacturer and will be a tremendous complement to ATK's existing ammunition and shooting accessories portfolio," said Al Kasper, Savage President and Chief Operating Officer.
ARLINGTON, Va., Sept. 26, 2012 /PRNewswire/ -- ATK (NYSE: ATK) announced today that Scott D. Chaplin will become the company's Senior Vice President, General Counsel and Secretary, effective Oct. 1, 2012. Mr. Chaplin will have overall responsibility for the corporate legal function, including government contract oversight, regulatory compliance, ATK's global sales team support, and oversight for product and intellectual property management. He will be the principal legal officer and will serve as an adviser to the CEO, Board of Directors and senior management members.
"It is a pleasure to welcome Scott Chaplin to ATK. Scott is a seasoned and respected industry professional who will make a strong addition to our senior management team," said Mark DeYoung, President and CEO. "Scott has broad-based legal, government, compliance and strategic industry experience. He will be a significant contributor to the company as we continue to focus on delivering value to our shareholders and quality products and services to our customers."
Mr. Chaplin brings more than 18 years of legal experience to ATK, many of those years developing, leading and advising on compliance and governance, acquisitions and investments, ethics, contracts, and pricing and procurements for defense and aerospace companies such as Stanley, Inc., where he served as Senior Vice President, General Counsel and Corporate Secretary. Mr. Chaplin worked for BAE Systems Information Technology, as Vice President and General Counsel. He also worked as an adjunct professor of law at American University, Washington College of Law and as an associate attorney for Morgan, Lewis & Bockius LLP and Reed Smith LLP, both in Washington, D.C.
Mr. Chaplin earned a Bachelor of Arts degree from the University of Massachusetts Amherst and a Juris Doctor degree from American University, Washington College of Law. He is a member of the Maryland, District of Columbia and Virginia bar associations and an arbitrator for the D.C. Bar Arbitration Board.
ATK is an aerospace, defense, and commercial products company with operations in 21 states, Puerto Rico, and internationally. News and information can be found on the Internet at www.atk.com.