Golf Town, the Canadian golf retailer owned by Omers Private Equity Inc., agreed to buy Golfsmith International Holdings Inc. (GOLF) for about $97 million to expand in the U.S.
The cash transaction may be completed in the third quarter, the companies said today in a statement. The price of $6.10 a share is 30 percent higher than Austin, Texas-based Golfsmith’s closing price on May 11.
The acquisition, which has been approved by both companies’ boards, would give Golf Town about 85 retail locations in the U.S. to complement its 54 stores in Canada. Golf Town started a U.S. expansion last year, adding six stores in the Boston area. The company now has seven units there.
Omers Private Equity, based in Toronto, is the leveraged- buyout unit of the Ontario Municipal Employees Retirement System.
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The first Edwin Watts Golf Shop is scheduled to open in the Murray, UT Sears location by May 31, 2010, and will be followed by openings at Sears store locations in Hicksville, NY; Falls Church, VA and Friendswood, TX. Following the initial openings, eight additional Edwin Watts Golf Shops are slated to open at Sears store locations in Maryland, Illinois, New York, Florida and Kentucky.
"This first-of-its-kind partnership with Sears is a significant development in the golf industry as it expands the access of service-oriented golf retail to all levels of golfers, while helping to drive new players to the game," said John Watson, Chief Executive Officer, Edwin Watts Golf Shops. "We chose to partner with Sears based on our strategic need for a mall-based retailer with a national footprint, as well as affiliations with leading brands such as Craftsman Tools and Nordic Track, which strongly align with the golfer demographic."
"Sears Holdings is very pleased to welcome Edwin Watts Golf Shops into our Sears locations. We believe they are the perfect complementary retailer to our expansive sporting goods business and we look forward to seeing them surprise and delight customers with their first-class array of products and customer service," said Jeff Stollenwerck, Sears Holdings' president of Real Estate.
Each Edwin Watts Golf Shop housed inside a Sears location is designed as a specialty store format with footprints ranging from 2,700-3,000 sq. ft., while offering the familiar layout and shopping experience as the Company's free-standing golf shops. The shops, which will be strategically positioned near other major Sears departments (electronics, tools, appliances, sporting goods), will be staffed by Edwin Watts Golf associates, all with deep experience and training in golf equipment and technologies, the golf industry, professional fitting and customer service - key differentiators for the Edwin Watts Golf brand, and the "store-within-a-store" concept.
Each store will feature select product assortments in golf equipment & apparel, electronics and related golf accessories from top brands such as Callaway, TaylorMade, Titleist, FootJoy, adidas Golf, Cleveland, Cobra, Adams, Wilson, Champions Tour and others. The shops will present consumers with a service-based, interactive golf experience showcasing product testing, via an in-store putting green and hitting bay, game improvement clinics, expert golf club and golf ball performance fitting, the latest equipment technology, apparel styles, other innovations and much more. In addition, customers who carry the Sears credit card will have the ability to use their credit card for in-store Edwin Watts Golf Shop purchases at the participating locations.
Adds Watson, "The partnership between Sears and Edwin Watts Golf Shops presents a major advantage for today's leading golf equipment companies, offering a new channel of distribution within a retail brand that offers tremendous equity value and global recognition. As the golf industry is seeking opportunities to increase participation and interest across all demographics, this retail model will allow a new audience of consumers to experience golf each time they visit their local Sears store."
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Burton, a name synonymous with superior craftsmanship, has been in existence for over 100 years and has been producing premium quality golf bags and accessories since 1923. Datrek, a leading supplier of innovative golf bags and accessories, is known for fashion forward designs and cutting edge features. Both brands' products can be easily embroidered for country clubs, tournaments, and corporate promotions.
For over 35 years, Devant has been the #1 towel brand in the golf industry. Its revolutionary image dye process produces customized towels with unmatched quality and durability. Sir Christopher Hatton produces the finest towels in the industry and can be found at leading country club and resort golf shops around the world. A key player in the golf accessory market since 1952, the Miller brand consists of a variety of customizable golf products such as bag tags, repair tools, ball markers and tees.
"The addition of these well respected brands allows us to better service our customers with high quality customized merchandise" said David Boardman, CEO of Dynamic Brands. "We are excited about the opportunities these brands present in meeting the needs of today's golf professionals as well as our golf specialty retail partners."
New Burton and Datrek products will be introduced in January 2010 at the PGA Show in Orlando and available for spring delivery. The Devant, Sir Christopher Hatton and Miller products will continue to be sold throughout the 2009 golf season.
About Dynamic Brands:
Dynamic Brands is the parent company for Bag Boy®, Slotline®, AMF Golf®, Baby Jogger® and Protect-A-Bub®, incorporating five unique brand names in the golf and juvenile products industries under one corporate umbrella. The Bag Boy Company has been providing outstanding customer service and innovative products for over 60 years and has become an industry leader in the golf cart, travel cover and golf bag markets. Slotline Golf is one of the golf industry's all-time best selling putter brands and the industry pioneer for heel and toe weighting and the use of multi-metals in putter design. AMF Golf, a brand that has been a driving force in sports for over 50 years, offers a collection of high quality and value priced men's, women's and junior golf products.
The Baby Jogger Company, creator of the original jog stroller, has produced the finest quality strollers for the past 20 years establishing the Company as the most respected brand name in the industry. Founded in 2000, Protect-A-Bub is a leading manufacturer of pediatric recommended sunshades and universal all-weather comfort juvenile products.
For more information about Dynamic Brands, visit www.dynamicbrands.net
Golf News, Source, www.lottosport.com .- Trevignano (Italy), 29 November 2006.- Lotto Sport Italia, world leader in the production of technical footwear for soccer and tennis, announces its acquisition of Etonic Worldwide, a major US shoe manufacturer for running, golf, bowling and walking.
The acquisition allows Lotto to significantly strengthen its US market position by bringing an important and well-known brand within its portfolio. According to a recent study, Etonic is one of the best known sports footwear brands among US consumers, and has significant market share and equity in the segments of golf and bowling. Etonic's management re-launched its golf brand in 2004 and entered the bowling market in 2005. With the recent re-launch of its running and walking lines, Etonic is quickly regaining the prestigious position it held in the past. In Spring 2006, the "Jepara SC" running shoe was judged best new Motion Stabilizing shoe by the editorial staff at Running Network.
Founded in 1876 in Brockton, Massachusetts, Etonic Worldwide is known for its leading-edge technology that has created a heritage of "firsts". The brand has brought new innovations into each category in which it competes; most notably building the first GORE-TEX® waterproof golf shoe, as well as a line of injury-prevention running and walking shoes.
Lotto Sport Italia, the company led by Andrea Tomat (who will also become President of Etonic) will therefore add new sectors of excellence to those of soccer and tennis, where Lotto is among the world's leaders. Important synergies are expected in distribution as Lotto will capitalize on its sales network to bring the Etonic brand and products into Europe. In addition, Lotto's products will be marketed and distributed in the US by the operations set up at Etonic.
"The range of Etonic products is wholly complementary to that of Lotto's without any overlap - stated Andrea Tomat, President of Lotto Sport Italia SpA. I'm certain we will generate important synergies between the innovative solutions introduced by Lotto in its chosen markets and those developed by Etonic, which has always enjoyed the reputation of being an R&D leader. "
Founded in 1973, Lotto Sport Italia is an Italian company that manufactures and distributes footwear, clothing and accessories for soccer, five-a-side soccer and tennis, as well as models for leisure time. The Lotto brand label is also applied to making and distributing sports under wear and cosmetics, and to stationery. Today Lotto distributes its products in 80 countries and is active in the world of football and tennis through important sponsoring agreements. For information on Lotto log onto www.lottosport.com
Founded in 1876 by Charles A. Eaton, Etonic's heritage has been driven by technological innovation, superior quality and ultimate comfort. Head-quartered in Waltham, Massachusetts, Etonic has a complete line of performance footwear for golf, bowling, running and walking. For complete information on Etonic and its products, visit www.etonic.com.
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