NEW YORK (AP) — Private equity firm Cerberus Capital Management is planning to sell its stake in Freedom Group, maker of the Bushmaster rifle, following the Newtown, Conn., school shootings.

On Friday, 26 people were killed at Sandy Hook Elementary School in one of the worst mass shootings in U.S history. The gunman, Adam Lanza, used a .223-caliber Bushmaster rifle during the shootings.

Cerberus said in a statement Tuesday that it was deeply saddened by Friday's events. The firm said that it will hire a financial adviser to help with the process of selling its Freedom Group interests.

Cerberus said that money made from the stake sale will be returned to its investors.