Cerberus Said to Have Struggled to Find Advisers for Gun Sale

Cerberus Capital Management LP struggled to find investment banks to help sell Freedom Group Inc., the gun company whose rifle was used in the shooting spree in Newtown, Connecticut, said people with knowledge of the matter.

Banks including JPMorgan Chase & Co., Credit Suisse Group AG and Barclays Plc declined to advise New York-based private-equity firm Cerberus on the sale and also won’t represent a potential buyer, said the people, who asked not to be identified because the process is private. Many of the banks were concerned about potential damage to their reputations, the people said. Cerberus is getting help from Lazard Ltd. on the sale, several of the people said.