Published 15 May 2012
Golf Town, a Canada-based specialty golf retailer, has agreed to buy US-based retailer Golfsmith International for about $97m. The transaction will result in the creation of the world's largest specialty golf retailer.
Omers Private Equity owned Golf Town has 54 stores across Canada and seven stores in the greater Boston area. Golfsmith operates 85 retail outlets in the US and sells through its internet site and various catalogs.
Golf Town interim chief executive officer Ron Hornbaker said together, the businesses will have a broad multi-channel offering of retail, online, mobile and catalog throughout North America.
Omers Private Equity senior managing director and Canadian country head Don Morrison said this transaction will give the company a formidable footprint in North America and will also provide a strong platform for future growth.
"Together with management we look forward to enhancing the value proposition for the companies' loyal customers," Morrison said.
After the completion of the transaction, Golfsmith chief executive Martin Hanaka will assume the role of CEO of the combined company. Sue Gove, presently the president, COO and CFO of Golfsmith, will become president and COO of the combined firm.
The closing of the acquisition, which is expected to occur in the third quarter of 2012, is subject to limited closing conditions.
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