Private equity firm Cerberus Capital Management is in advanced preparations to take rifle and ammunition maker Freedom Group Inc public, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Cerberus has rolled at least seven U.S. gun-and-ammunition makers into Freedom over the last three years, creating a company that is on pace for nearly $1 billion in sales this year, the Journal reported, citing a person familiar with the company's results.

The rifle and ammunition companies Cerberus has acquired for Freedom include Remington Arms Co, Bushmaster Firearms, Cobb Manufacturing, Marlin Firearms, Dakota Arms LLC and DPMS Panther Arms, according to the report.

A Cerberus spokesman declined to comment.

(Reporting by Michael Erman)

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