First thing this AM, Para USA has been acquired by the Freedom Group of companies...here's the press release:
Madison, NC – Freedom Group, Inc., (FGI) through a wholly owned subsidiary has announced today that it has finalized an asset purchase agreement to acquire certain assets of Para USA, INC., (Para).Founded in 1985, Para has built a solid and enviable reputation for innovation, performance and reliability. Firearms enthusiasts, serious shooting competitors and law enforcement agencies choose with confidence from a wide and growing variety of Para pistols. Para’s revolutionary high capacity frame and light double action ( LDA ™) trigger systems, are part of the innovation that Para has brought to the world famous 1911 design."We welcome Para into the Freedom Group Family of Companies,” stated. E. Scott Blackwell, Chief Sales and Marketing Officer of Freedom Group Inc. “Para USA is a leader in handgun technology and their fine products exemplify quality, innovation and performance. Para is a perfect complement to our industry-leading family of brands, and our success in 2011 with the Remington R1 - 1911. We look forward to deploying both human and financial resources to continue to develop and supply current and future handguns for consumers and our channel partners. We also wish to thank all its employees for their continued dedication that has made Para a success.”Para will continue day-to-day operations at their Pineville, NC based facility
This is a deal that has been hanging for while. We reported as long as 2 years ago that Freedom was shopping for a handgun company to round out their now-huge portfolio. It's also been no secret that Para has been struggling a bit since the move to North Carolina. Despite a history of innovative products, including the first larger-capacity 1911s, the superior Light Double Action system and the one of the first small single-stack 9mms in the market, Para hasn't been able to get the traction. I would still argue that the Para Carry 9 LDA remains one of the best small 9mms ever made.
The Tactical Target Rifle, Para's entry into the AR market, fell flat despite a number of innovative features and was discontinued last year. The exit of longtime Para professional shooter Todd Jarrett, whose spectacular run of successes kept Para in the spotlight, has not yet been offset by new Para professional shooter Travis Tomasie, who signed on after he left the legendary Army Marksmanship Unit.
This is potentially a very good match ...Freedom has the financial resources that Para has lacked, and the extensive Para product line offers freedom a path beyond the success of the Remington R1 1911 platform.