Aug 16, 2022

Kash CA LLC, L.A.X. Firing Range LLC and Xtreme Bullets Mfg LLC Acquisition Demonstrates Acquirer Demand for Strong Vertical Integration in an Uncertain Economy

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Santa Monica, CACapstone Partners, a leading middle market investment banking firm, sees growing acquirer demand for strong vertical integration with the acquisition of Kash CA LLC, L.A.X. Firing Range LLC, and Xtreme Bullets Mfg LLC (“Kash-LAX” or “the Company”)—a combined entity specializing in ammunition development and distribution—by family office Fernandez Holdings, Inc. (FHI).

Capstone advised Kash-LAX on the transaction and says the deal highlights important trends in the Tactical & Outdoor sector mergers and acquisitions environment.

As referenced in Capstone’s latest Outdoor Recreation & Enthusiasts M&A Report, Outdoor recreation and firearms demand escalated significantly in response to COVID-19, social unrest, and geopolitical turbulence. 2020 saw over 8 million new gun owners, 2021 saw 5.4 million, and National Shooting Sports Foundation (NSSF) data shows that first-time gun buyers are more diverse than ever before. To capitalize on this momentum in an uncertain economic environment, investors are targeting munitions companies with strong vertical integration in an effort to meet this climbing consumer demand, reduce overheard, and strengthen operations.

The Company’s unique vertical integration model serves as a platform for long-term growth, allowing the Company to meet the surge in demand for ammunition while curbing costs and pursuing opportunities other retailers cannot access. As a nationally recognized brand with a well-established Direct-to-Consumer E-Commerce platform and the largest ammunition retail outlet in the U.S., the Company made an attractive acquisition target and is well-positioned for sustained growth resulting from actionable and targeted near-term growth opportunities.

Kash-LAX, the combined company, is comprised of Kash CA, LLC, L.A.X. Firing Range LLC, and Xtreme Bullets Mfg, LLC —a wholly-owned subsidiary of Kash CA, LLC (Kash CA LLC previously acquired certain assets from Howell Munitions & Technology or HMT and certain of its affiliates). L.A.X. Firing Range, LLC , based in Los Angeles, CA, is the largest vertically integrated ammunition retailer in the U.S. The Company is a full-service provider to firearms consumers with a dominant California retail presence and has a renowned indoor firing range with ancillary training and programs.

Kash CA LLC, based in Lewiston, ID, specializes in the development of ammunition, components, loading machinery, and Original Equipment Manufacturer (OEM) production. Combined, the companies own three very prominent DTC ecommerce domains that specialize in ammunition:,, and The acquisition will further support the growth of the Company’s manufacturing capabilities, facilities and operations in Lewiston, Idaho, and vertical integration.

Learn more about the transaction here.    


Fernandez Holdings is a Los Angeles-based long-term investment firm focused on acquiring profitable middle market businesses with proven management teams, defensible market positions, and sustainable opportunities for growth. All investment capital is funded by its founder, Kirk Fernandez, and generated by its portfolio companies.  FHI has no limited partners, which enables a long-term investment approach and the ability to buy-and-hold without the need to return capital to other investors. Learn more here:


For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company’s lifecycle. Capstone’s services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions, and financial advisory services. Headquartered in Boston, the firm has 175+ professionals across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit


Paul Louie
Managing Director
Consumer Investment Banking

Peter Bailey
Consumer Investment Banking

Paul Janson
Chief Operating Officer


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