"Once we reach 25%, becoming by far the largest shareholder, the only thing that will matter is mutual trust. We are two complementary companies, with no overlap. For us, this is an investment that follows our long-term strategic direction. My father, Ugo, was the architect of our major growth in the United States during the 1970s and 1980s. We have continued along that path."

This is how Pietro Gussalli Beretta, Chairman and CEO of Beretta Holding, describes the Ruger transaction, which will enable the Group to surpass $2 billion in revenue.

"Some of the challenges were also linked to the current relationship between Europe and the United States. We have always invested in the U.S., and this transaction will allow us to build even stronger partnerships in the country. Ruger's business is currently 100% domestic, and we expect to expand the markets for its products."

At a time when defence policy has become increasingly central to governments, Gussalli Beretta notes:

"Many European countries, in addition to France and Germany, are investing significantly in their defence capabilities. Italy is also doing so, but I still do not see a sufficiently pragmatic vision; there remains too much demagoguery. What is needed is a genuine long-term industrial policy for defence. The Ministry understands this well, but the country as a whole should be more aware of it."

Firearms, ammunition and optics form the three pillars of the Group, and the strengthening of its U.S. presence is part of this strategy.

"This means continuing our family's tradition and marking our 500th anniversary with a concrete and strategic operation. We are investing in one of the largest companies in our industry in the United States, a publicly listed company with a market capitalisation of more than $600 million and approximately 2,000 employees. It means opening ourselves to a new mindset."

"This is an extraordinary experience for Beretta Holding and for the entire management team. It puts us in a position to develop a different approach and a closer relationship with capital markets. In fact, we are already evaluating other potential investments in the United States."

What kind of investments?

"It is too early to say."

Ruger's board was initially very resistant.

"We encountered a culture focused on protecting the status quo, and the work we must do now is to build mutual trust. We are a group present in 30 countries worldwide. Our headquarters are in Luxembourg, but our roots are proudly Italian. Over the past months, we have made an extraordinary effort to create unique products to celebrate our 500th anniversary in Gardone Val Trompia, where it all began. We believe this is the best way to honour those who came before us."

Half a millennium is a remarkable milestone for any family business.

"Family-owned companies always have a long-term perspective, whereas public companies are often more focused on the short term. As a family, we have always maintained a measured, industrial and non-speculative approach. Our investments in production and our commercial presence around the world have always been guided by this strategy."

"We want to become even stronger in America, which will continue to grow in importance for us. Today it represents around 40% of our revenue, but that share will increase."

In recent years, as conflicts have become more frequent, drones have emerged as increasingly strategic technologies.

"They require advanced technology, and we are also evaluating investments in the drone sector, where technological sophistication is becoming increasingly important."

"In Italy, we have two companies with manufacturing technologies that are true jewels within the Group."

"Beretta Holding's strategy remains the same: to create the best products for our customers, whether hunters, law enforcement agencies or military professionals. Today, our revenue mix is approximately 40% defence and 60% civilian."

"However, we have entered a period of permanent geopolitical instability, and defence will become increasingly critical for every country. Mario Draghi recently reiterated this point, and we would do well to listen more carefully. We are here, and we are ready. We have been for 500 years."

Nicola Saldutti
(translated from italian)