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White Wolf Capital is a Miami-based private equity firm founded in 2011, focused on management buyouts, recapitalizations and investments in leading middle market companies. White Wolf seeks private equity investment opportunities in companies that are headquartered in North America with $10 million to $100 million in revenues and up to $10 million in EBITDA. Preferred industries include: manufacturing, business services, information technology, security, aerospace and defense. Prior to founding White Wolf Capital, Elie Azar worked from 2008 to 2011 in M&A, due diligence and portfolio oversight at Cerberus Capital Management, one of the world’s leading private equity firms with more than $29 billion in assets under management. From 2002 to 2008 he worked at Ernst & Young’s M&A transaction advisory group, and from 2000 to 2002 he served in the audit and business advisory group of Arthur Andersen. He has an MBA from Cornell University and a BA from the American University of Beirut. He is also a CFA and a CPA. Stag Arms Founded in 2003 by Mark Malkowski, Stag Arms makes modern sporting rifles (MSR). The company became one of the largest MSR manufactures in the United States. Stag offers both left and right-handed MSR platforms. “I feel fortunate to be able to transition the business I started from scratch to a team that shares my philosophy and passion for the industry and who recognizes the exceptional capabilities of Stag’s dedicated employees,” said Malkowski, who agreed to remain engaged with the company as a consultant. In December 2015, Stag Arms had pleaded guilty in U.S. District Court in Hartford to violating federal firearms laws. According to court documents and statements made in court, Stag obtained a federal firearms license (FFL) to manufacture firearms in 2003, and obtained a license for a second location in 2009. In 2007, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) cited Stag for a number of regulatory violations. In July 2014, an investigation performed by the ATF revealed that, in violation of the National Firearms Act, Stag had possession of a total of 62 machine guns and machine gun receivers that were registered to another entity, or were not registered at all. The investigation also discovered that Stag, “had failed in thousands of instances to adequately document the manufacture and disposition of firearms – machine guns as well as assault weapons – making them more susceptible to theft or loss,” according to a statement by U.S. Attorney for the District of Connecticut, Deirdre M. Daly. On November 16, 2015, ATF issued a revocation of both of Stag’s federal firearms licenses at its two facilities. In December 2015 Stag Arms pleaded guilty to a felony charge of possession of a machine gun not registered to the company, and agreed to pay a $500,000 fine. In addition, Malkowski, the company’s founder and president, pleaded guilty in his individual capacity for failure to maintain proper firearm records, and agreed to pay a fine of $100,000. “For the first time in Connecticut, and there have only been a few of these prosecutions throughout the nation, a large manufacturer is pleading guilty to a felony charge relating to record keeping violations,” said the U.S. Attorney. “This company did not just manufacture small firearms. They manufactured semi-automatic weapons, machine guns, assault weapons,” Daly added. Modern Sporting Rifle (MSR) “AR-15-platform rifles are among the most popular firearms being sold. They are today’s modern sporting rifle,” says the National Shooting Sports Foundation (NSSF). “The AR in ‘AR-15’ rifle stands for ArmaLite rifle, after the company that developed it in the 1950s. ‘AR’ does NOT stand for ‘assault rifle’ or ‘automatic rifle.’ AR-15-style rifles are NOT ‘assault weapons’ or ‘assault rifles.’ An assault rifle is fully automatic — a machine gun. Automatic firearms have been severely restricted from civilian ownership since 1934,” says the NSSF on its website. AR-15-style rifles look like military rifles, such as the M-16, but function like other semi-automatic civilian sporting firearms, firing only one round with each pull of the trigger. Versions of modern sporting rifles are legal to own in all 50 states, provided the purchaser passes the mandatory FBI background check required for all retail firearm purchasers. Since the 19th century, civilian sporting rifles have evolved from their military predecessors. The modern sporting rifle simply follows that tradition. These rifles’ accuracy, reliability, ruggedness and versatility serve target shooters and hunters well. They are true all-weather firearms. Chamberings include .22, .223 (5.56 x 45mm), 6.8 SPC, .308, .450 Bushmaster and about a dozen others. Upper receivers for pistol calibers such as 9 mm, .40, and .45 are available. There are even .410 shotgun versions, according to the NSSF. These rifles are used for many different types of hunting, from varmint to big game. And they’re used for target shooting in the national matches. AR-15-style rifles are no more powerful than other hunting rifles of the same caliber and in most cases are chambered in calibers less powerful than common big-game hunting cartridges like the 30-06 Springfield and .300 Win. Mag. The AR-15 platform is modular. Owners like being able to affix different “uppers” (the barrel and chamber) to the “lower” (the grip, stock), says the NSSF. Modern sporting rifle (MSR) is a firearms industry term dated to 2009 that originally referred to certain semi-automatic rifles similar to the AR-15. Between 2010 and 2013, several semi-automatic shotguns were added to the list of MSRs, according to Wikipedia. Creating the term “modern sporting rifle” in 2009 was reportedly part of a campaign by the NSSF to introduce the AR-15 platform to the hunting market. The campaign is attributed to a push by Randy Luth, founder and former president of rifle manufacturer DPMS Panther Arms, to make rifles like the AR-15 acceptable in the field and on the range. After passage of the Federal Assault Weapons Ban of 1994, the firearms industry, and many firearm owners, objected to use of the term assault weapon for firearms other than assault rifles, which have a mode capable of fully automatic firing. The NSSF said confusion was created for years by referring to AR-15-style rifles as “assault rifles” and “assault weapons.” Features that are commonly found in factory-produced MSRs include semi-automatic firing; rail-systems for adding additional attachments; adjustable stocks; a pistol grip; and detachable magazines.  ]]>