In an earlier article we reported that renowned piston rifle manufacturer Adams Arms was forced into auction to a 5.1 million dollar debt. Well it looks like Adams Arms LLC is no more and has in fact been bought by their creditor.
According to the TampaBay Times At a public auction this week, the newly formed Adams Arms Holdings LLC (AA Holdings), headed by Michael Margolies, CEO of Littlebanc Advisors, acquired the firearm company’s assets after it defaulted on a $5.1 million debt.
Paul Miller, Adams Arms chairman and CEO, said the company’s brand name would continue and the newly formed Adams Arms Holdings would fulfill all customer orders and honor previously issued lifetime product warranties.
“With a clean balance sheet AA Holdings will be able to focus on providing new products, superb quality and complete customer satisfaction,” Miller said in a released statement.
In a statement left on their website Adams arms had this to say in regards to the sale.
Adams Arms LLC Announces Asset Sale – April 30th, 2019
On Tuesday, April 30th, 2019, Adams Arms LLC’s assets were publicly auctioned at its facility in Pasco County, Florida, following maturity of its secured loans. The company’s senior secured creditors were the high bidder and are in the process of transferring these assets into a new company, Adams Arms Holdings, LLC (“AA Holdings”). Adams Arms, LLC, after the successful transfer of assets, will be closed.
It was announced and advertised at the beginning of April that Adams Arms LLC’s assets would be auctioned as a turn-key operation, including all tangible and intangible assets. AA Holdings will continue the Adams Arms brand. AA Holdings will fulfill all customer orders and honor all Adams Arms life-time product warranties.
AA Holdings will operate with greater strength and leadership than ever before. The new company will leverage the patents, know-how and commitment to the customer that has been the Adams Arms way since inception of the brand in 2007. With a clean balance sheet, AA Holdings will be able to focus on providing new products, superb quality, and complete customer satisfaction. The Adams Arms team is committed to building upon existing relationships and to providing its customers with unique products that are cost effective, robust and meet their needs.
Adams Arms LLC thanks its longtime customers and partners for their business. AA Holdings will deliver the highest quality that everyone has come to expect from Adams Arms, and will continue to develop new and innovative products. 2019 has seen Adams Arms offer an upgraded P3 series rifles, a 20” .224 Valkyrie rifle, a 9mm Pistol Caliber Carbine, a full line-up of piston-driven AR-pistols, and a next gen slide/slide assemblies for Glock 17 & 19 handguns. Exciting new products are in development and AA Holdings expects to release them before the end of the year.
We certainly look forward to see Adams Arms does.
Tactical Shit has been a long time partner of and fan of Adams Arms. We hope they pull through this. in the meantime, we will be closing out our available inventory at 20% off while supplies last.