Beretta Holding, the world’s oldest firearms manufacturer, has finalized its acquisition of a 25 percent stake in U.S. gunmaker Sturm Ruger as part of its strategy to expand in the American market. The Luxembourg-based group paid $107.5 million to more than double its previous holding, increasing it from just under 10 percent to a significant minority share in the publicly traded U.S. company.

The move follows a strategic cooperation agreement reached in May after several months of negotiations between the two companies concerning governance and control. Beretta launched a tender offer last month, offering Ruger investors $44.80 per share in cash. The offer was oversubscribed, and the results were announced recently.

Pietro Gussalli Beretta, chief executive of Beretta Holding, described the investment as a “significant milestone” that will enhance the company’s ability to grow its business in the United States, which is the world’s largest firearms market. He noted that this purchase marks Beretta’s first investment in a publicly listed company and represents a new phase in the group’s long-term investor strategy within U.S. capital markets. Beretta emphasized the complementary strengths of both firms, highlighting Ruger’s strong U.S. presence and Beretta’s international network.

Beretta comes from a historic lineage dating back to Bartolomeo Beretta, an Italian merchant who sold gun barrels to Venice in 1526. Over centuries, the company has grown into a firearms group with more than 50 subsidiaries and over 20 international brands, including the British shotgun maker Holland & Holland. Since Pietro Beretta took over as CEO in 1995, the company has expanded by acquiring around 20 businesses producing ammunition, firearms, and related products. Their 2025 revenue was reported at €1.68 billion with an EBITDA of €254 million.

While civilian and sporting markets still account for about 60 percent of Beretta’s revenue, its defence and law enforcement sectors have been growing, especially amid increased defence spending following Russia’s invasion of Ukraine. The company supplies NATO governments and recently partnered with Croatia to establish a small-calibre ammunition plant. However, its role as a NATO supplier has also made it a target for cyber espionage attempts, with suspected breaches and security warnings reported.

Beretta already operates four facilities in the United States and is expanding an ammunition plant in Georgia. North America accounts for roughly 30 percent of its sales. Despite these organic investments, the loss of the U.S. military’s M9 pistol contract in 2021 prompted the company to pursue larger, strategic moves to increase market share in the U.S. Beretta’s stake in Ruger, a well-known American firearms manufacturer, was positioned as a key step in this plan.

Ruger acknowledged Beretta as a respected investor among its shareholders. Beretta’s CEO stated there is a need to build trust and develop collaboration between the two companies moving forward.

In addition to its U.S. ambitions, Beretta is pursuing potential expansion in the United Kingdom, where it competes to supply the British Army's next standard-issue rifle under Project Grayburn, a contract valued at approximately £500 million.