Defence

Beretta acquires 25 per cent of US firm Ruger: take-up exceeds expectations

The cash offer of $44.80 per share was oversubscribed by 2.6 times. The group will acquire up to 2.4 million shares. Pietro Gussalli Beretta: “A strategic move”

by Mara Monti

16 October 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Beretta Holding is strengthening its presence in the United States through an investment in Sturm, Ruger & Company, an American firearms manufacturer listed on the New York Stock Exchange. The group has announced the preliminary results of the cash takeover bid launched for the company’s ordinary shares, at a price of $44.80 per share.

The offer, which closed at midnight New York time on 15 October 2026, received subscriptions in excess of the maximum amount envisaged. According to preliminary figures, 3,589,647 shares were tendered, net of a further 2,652,256 shares subject to guaranteed delivery notices, bringing the total number of shares tendered to the takeover bid to 6,241,903.

Beretta Holding will acquire up to 2,400,184 shares, representing a total of 25 per cent of the US company, for a maximum transaction value of approximately 107.5 million dollars, and will have the right to appoint two independent directors. As demand exceeds the available supply, the shares will therefore be allocated on a pro rata basis amongst the shareholders who have subscribed.

Estimated payout rate: 38.45%

On the basis of preliminary data, including shares subject to guaranteed delivery, Beretta Holding estimates an allocation factor of approximately 38.45 per cent. As a rough guide, this means that for every 100 shares contributed, approximately 38.45 shares could be acquired, subject to the final determination of the ratio.

The estimate assumes that all securities notified via guaranteed delivery are actually delivered within the specified time limit, which is one trading day.

Strategy in the United States

The deal represents a significant step forward in the international strategy of Beretta Holding, a Luxembourg-based group operating in the sporting and defence firearms sector. The United States is the company’s main target market, and it aims to consolidate its position through, amongst other things, a partnership with a long-established manufacturer in the US sector.

“This investment represents a key milestone for Beretta Holding,” said Pietro Gussalli Beretta, the group’s chairman and chief executive, in a statement. “The transaction marks the holding company’s first investment in a listed company and heralds a new phase in its development as a long-term investor in the US financial markets.”

According to Gussalli Beretta, the partnership with Ruger will also enable the group to strengthen its presence in the United States – its most important market – whilst creating new opportunities to expand the international presence of the American manufacturer and partner.

Beretta Holding had long held a 10 per cent stake in the American company, and this new phase follows months of discussions between Beretta Holding and the American company’s board, but that is now a thing of the past.

Forecasts for 2026

The initiative forms part of a strategy that combines industrial growth with greater access to capital markets. The stake in Ruger offers Beretta Holding a channel through which to consolidate its relations with US industry and explore new development opportunities beyond national borders. The fact that the maximum number of shares specified in the offer was exceeded highlights the large number of shareholders who accepted the proposed terms.

Beretta Holding, a global and diversified group controlling over 50 companies, with a leading global position in small arms, optical products and ammunition, expects to record a turnover of 1.8 billion euros and an EBITDA of over 300 million euros in 2026 (in 2025, turnover stood at €1.68 billion with an EBITDA of $254 million) and with over 6,000 employees spread across the globe.

Beretta Holding’s turnover is split between the civilian sector (hunters and sports enthusiasts, accounting for around 60 per cent of the Holding’s turnover) and the defence sector (around 40 per cent of the Holding’s turnover). Beretta Holding’s turnover has grown from €202 million in 1995 to €1.68 billion in 2025.

For Ruger, the first six months of the year were encouraging, as the company returned to profit with a turnover of $229.4 million (up 14 per cent). The American company designs, manufactures and sells firearms under the Ruger brand. Its product portfolio includes rifles, pistols, revolvers and shotguns, intended for the civilian sporting market, hunting, personal protection and law enforcement, primarily serving the US market.