Houlihan Lokey Advises Beretta Holding

Houlihan Lokey is pleased to announce that Beretta Holding S.A. (Beretta Holding) has closed its oversubscribed cash tender offer to acquire shares in Sturm, Ruger & Company, Inc. (NYSE:RGR; Ruger).

Beretta Holding will increase its existing ownership position to a 25% beneficial stake in Ruger, based on outstanding shares as of September 17, 2026. This strategic transaction deepens the partnership between these two iconic firearm brands and secures Beretta Holding two seats on Ruger’s board.

With roots dating back to 1526, Beretta Holding is a global, family-owned industrial group operating through more than 50 subsidiaries and over 20 internationally recognized brands, with a strong manufacturing footprint in Europe and the United States supporting the defense, law enforcement, hunting, and shooting sports markets.

Ruger is one of the nation’s leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of more than 40 product lines across the Ruger, Marlin, and Glenfield brands.

The strategic cooperation agreement signed in May 2026 enables Ruger and Beretta Holding to explore avenues for commercial cooperation in a manner that complies with all applicable laws. Importantly, Ruger will remain an independent U.S. public company—preserving its brand, heritage, and strategic direction—while benefiting from Beretta Holding’s admirable legacy and global industry leadership.

Pietro Gussalli Beretta, Chairman and CEO of Beretta Holding, stated, “This investment represents a significant milestone for Beretta Holding. It marks our first participation in a publicly listed company and opens a new chapter in our development as a long-term investor in the U.S. capital markets. Our cooperation with Ruger expands our position in the United States, our largest market, while creating new opportunities to expand Ruger’s presence internationally.”

“This agreement is strategically valuable and will benefit all Ruger stakeholders,” said John Cosentino, Chairman of the Board of Ruger. “As a board, our responsibility and duty is to act in the best interests of all shareholders. This agreement provides stability, avoids further expense and distraction, and creates a framework for productive engagement with Beretta Holding while preserving Ruger’s independence and governance standards.”

Houlihan Lokey acted as the sole financial advisor to Beretta Holding in connection with the strategic cooperation agreement and tender offer.

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