Golf Town to acquire Golfsmith
Canada-based Golf Town is to acquire US-based Golfsmith for US$6.10 per share in cash. The deal is expected to close in the third quarter.
Martin Hanaka, CEO of Golfsmith, will assume the role of
CEO of the combined company, while Sue Gove, president, COO and CFO of
Golfsmith will become president and COO of the combined company. Ron Hornbaker
will assume the role of EVP-stores.
Golf Town operates 54 stores across Canada and seven stores in the greater
Boston area, while Golfsmith has been in business for more than 40 years, stocking
golf equipment, apparel and accessories.
"Golfsmith is a company that we have admired for years. This transaction
will give us a formidable footprint in North America and will also provide a
strong platform for future growth," said Don Morrison, senior managing
director and Canadian Country head of OMERS private equity, which owns Golf
Town.
"Together with management we look forward to enhancing the value proposition for the companies' loyal customers."
