(MURFREESBORO)  Barrett Firearms has been purchased by Australian defense contractor NIOA. The firm completed a 100 percent acquisition of the industry-leading rifle design and manufacturing company, Barrett Firearms. All management and staff at Barrett's Murfreesboro manufacturing facility will be retained, and production will continue as normal.

Financial details of the transaction were not disclosed.

Murfreesboro entrepreneur and community leader Ronnie Barrett noted, "Today marks the beginning of a new chapter in the Barrett story. Rob and the NIOA team have great respect for the legacy Barrett has created as the leader in long-range precision rifles. It's reassuring to know Barrett will be in good hands with a family-owned company that is focused on manufacturing and delivering world-class firearms and munitions to a global network."

In announcing the purchase, NIOA CEO Robert Nioa said that the two family-owned companies came together out of a shared commitment to quality, innovation, loyalty and mission.

Nioa commented, "Our firm's association with Barrett dates back to 2008. We have been inspired by the story of Barrett and admire what Ronnie, Chris and the family have built over more than four decades. It's been a story of hard work, perseverance and purpose--culminating in the delivery of critical capability for the men and women of the U.S. military and its allies around the world, as well as exceptional products to law-enforcement agencies and civilian markets. Together, we share the same mission—combining our expertise and family business values will ensure Barrett carries on building the finest products in the world."

The Barrett Firearms brand will exist as a separate division under the NIOA Group, along with NIOA Australia, NIOA New Zealand, the Australian Missile Corporation and the group's investment in Rheinmetall NIOA Munitions.

As part of the acquisition, Barrett President Sam Shallenberger has been promoted to chief executive officer, while Barrett Chief Operating Officer Bryan James becomes president. Company founder Ronnie Barrett and his son, Chris, will provide support as advisers to Barrett and NIOA Group.