Smith & Wesson completed its purchase of Savage Arms on October 21 through a merger with an indirect unit of JDH Capital I, L.P. The deal is valued at 160 million dollars after usual adjustments and includes roughly 9 million Smith & Wesson shares priced at 13.62 dollars each plus 37.5 million dollars in cash.

That price equals about 7.9 times Savage adjusted EBITDA for the year through September 30 once 2.5 million dollars in first-year synergies are counted. JDH now holds 16.7 percent of Smith & Wesson stock and a JDH representative joined the seven-member board after filling a vacancy.

Savage has made hunting and target rifles and shotguns for more than 130 years.