Just months after its founding CEO accepted an industry ownership ban after pleading guilty to federal firearms’ violations, New Britain gun maker Stag Arms LLC has been sold to a Miami-based private equity firm.
White Wolf Capital LLC has acquired Stag Arms for an undisclosed price. As part of the deal, Stag Arms will continue to operate under a new federal firearms license out of its current facility in New Britain.
In December, Stag Arms, through its Founder and President Mark Malkowski, pleaded guilty in Hartford federal court to felony possession of a machine gun not registered to the company and agreed to no longer hold a federal firearms license.
Malkowski also pleaded guilty to a misdemeanor charge for failing to maintain proper firearm records.
Stag lost its license to make and sell firearms following a federal investigation, which found Stag Arms in possession of 62 machine guns and machine-gun receivers that were registered with another entity, or not registered at all, which is a violation of federal law. Stag Arms was allowed to continue to operate while Malkowski found a buyer for the company.
In a written statement Elie Azar, managing director of White Wolf, said “We look forward to partnering with Stag’s strong management team and employees to grow the company through new and innovative product offerings.” In addition, Malkowski has agreed to remain engaged with the company as a consultant, Azar said.
Stag Arms was founded in May 2003 by Malkowski, producing American-made modern sporting rifles.
