Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Eniola Odetunde/Axios

U.S. forces yesterday used tear gas on peaceful protesters outside the White House gates, prior to a declared curfew, clearing a path for President Trump to visit a riot-damaged church for a photo opportunity.

The state of play: Two of the largest U.S. producers of tear gas are owned by private equity firms, but those firms have no interest in discussing their ownership.

There is no federal tracking of tear gas usage by U.S. law enforcement, thus making it difficult to determine which company's products are used most regularly. But several outside research firms have determined that market leaders include:

Combined Systems of Jamestown, Pennsylvania.

  • The company was acquired in 2005 by Point Lookout Capital Partners, a New York-based private equity firm whose portfolio is dominated by law enforcement-related investments. Point Lookout didn't return interview requests.
  • The Carlyle Group also participated in that deal as a minority investor. It was made out of an old fund that's already closed with its assets sold, but Carlyle retains a residual equity piece in a trust that it's been unable to exit.
  • A source close to the firm says that Carlyle would not make such an investment today, because it would violate the firm's "responsible investing guidelines."

Safariland of Jacksonville, Florida.

  • The 56-year-old company was acquired in 2012 by a consortium, which includes Palm Beach Capital, from BAE Systems for $124 million.
  • Palm Beach Capital didn't return an interview request.
  • That deal also included Warren Kanders, a onetime investment banker who last summer stepped down as vice chairman of the Whitney Museum of American Art due to protests over his Safariland involvement.

Tear gas isn't really a gas. It's a pressurized powder that mists upon deployment and can cause choking and other symptoms beyond tears. It also lives in a legal gray zone, due to international treaties that allow it to be used in domestic law enforcement but not in war.

  • Many in law enforcement argue that tear gas ultimately saves lives of both police and protesters, as conflicts could otherwise turn deadly.
  • But, as we saw last night live on TV, it can also be abused with impunity.

The bottom line: Private equity firms typically take every opportunity to talk about their portfolio companies, proud of their products and management teams. In this case, they're silent.

Go deeper

Dan Primack, author of Pro Rata
Oct 2, 2020 - Economy & Business

Cerberus gets back on the SPAC horse

Illustration: Sarah Grillo/Axios

Cerberus Capital Management on Friday became the latest private equity firm to form a SPAC, a sort of blank-check company that goes public and then acquires a private company.

Why it matters: Cerberus first dipped its toe into SPACs well before the current boom, forming Iron Horse Acquisition in early 2018, but later decreased that SPAC's size and ultimately withdrew its IPO registration.

2 hours ago - Politics & Policy

First look: The LCV's $4M ad buy

A screenshot from a new League of Conservation Voters ad supporting Rep. Stephanie Murphy.

The League of Conservation Voters and Climate Power are aiming another $4 million worth of ads at centrist House Democrats, urging them to support the climate provisions in President Biden’s $3.5 trillion budget reconciliation package, Axios has learned.

Why it matters: Progressive groups are trying to counter the onslaught of conservative money pouring into swing districts. Both sides are trying to define Biden’s Build Back Better Agenda and pressure lawmakers to support — or oppose — the legislation scheduled for a vote in the House this week.

2 hours ago - Politics & Policy

Shutdown Plan B

Illustration: Sarah Grillo/Axios

The Senate will hold a futile vote Monday night — just 72 hours before a potential shutdown — on a House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: The bill is going to fail. Period. But then comes Plan B: A "clean" continuing resolution — stripped of language about raising the debt limit — that Democrats spent the past week preparing, Axios is told.