Canadian Tire moves to acquire Forzani - sportstextiles: Lea SportsTextiles

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Canadian Tire moves to acquire Forzani

09/05/2011
Home retail chain Canadian Tire has made a cash offer to acquire sporting goods group Forzani. Canadian Tire said the deal would establish it as “Canada’s ultimate authority in sports”, with more than 1,000 combined retail sports outlets across the country.

Forzani has more than 500 retail outlets across Canada and owns some of the country’s most recognised sports retail brands such as Sport Chek and Sports Experts. More than 70% of Forzani’s sales (around $1.5 billion last year) are in athletic apparel and footwear.

“The businesses of Canadian Tire and Forzani are complementary,” said Bob Sartor, Forzani chief executive at the time of the announcement. “The transaction has the unanimous support of the Forzani board. It creates significant value for our shareholders and positions our business for accelerated growth under a company that shares our culture and values.”

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