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The father of Stephen Feinberg, the founder and chief executive of Cerberus Capital Management LP, the hedge fund and private-equity firm that said it will sell gunmaker Freedom Group Inc., lives in the town where a Freedom Group-manufactured rifle was used to kill 26 people.

Feinberg's father, Martin Feinberg, confirmed the family relation in an interview at his house in Newtown, Conn., today. He said the shooting was "devastating."

Cerberus built Freedom Group into the nation's biggest manufacturer of guns and ammunition, with nine plants and 3,100 employees. Cerberus said today it will seek to sell the company, which makes the Bushmaster semi-automatic rifle, the weapon authorities say Adam Lanza used on his Dec. 14 rampage at Sandy Hook elementary school in Newtown.

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