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Golf Town Buys out Golfsmith


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#1 HateTheHighDraw

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Posted 14 May 2012 - 08:09 AM

Sorry if this is a repeat post, couldn't find it myself, but Golf Town is buying Golfsmith.  Do not know what this means in a practical sense really.

http://www.marketwat...hare-2012-05-14

Edited by h0ss66, 14 May 2012 - 08:10 AM.


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#2 rocker40

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Posted 14 May 2012 - 08:11 AM

wow.  i love golfmith.  i wonder if the stores will change.

#3 kenway

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Posted 14 May 2012 - 08:50 AM

View Postrocker40, on 14 May 2012 - 08:11 AM, said:

wow.  i love golfmith.  i wonder if the stores will change.

FYI - In my opinion, I expect no real issue here for the US Golfsmith customers...

I was in the Golf Smith store outside of Cleveland (last week) and it's layout is much like a Golf Town. Staff are also very friendly & knowledgeable and greet you at the front door (much like Golf Town). See a bigger selection of "Pre-Owned" and club supplies at Golfsmith, but more clothing options at Golftown. If the two can feed off each other then I think that it could be win-win situation on both sides of the border.

#4 Break68

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Posted 14 May 2012 - 10:15 AM

http://www.theglobea...article2431833/

    Posted Image    Enlarge this image  
Golf Town buying Golfsmith in U.S. expansion bid
  
Toronto—  The Canadian Press

Published Monday, May. 14, 2012 9:16AM EDT

Last updated Monday, May. 14, 2012 10:20AM EDT
    
     Canadian specialty retailer Golf Town is expanding south of the border by acquiring Golfsmith International Holdings Inc. (GOLF-N), a similar U.S.-based chain, in a deal valued at almost $100-million (U.S.).

Golf  Town will pay $6.10 per share in cash, or about $96.8-million, to  acquire the 85-location golf equipment and clothing retailer.


The friendly takeover offer is 30 per cent above Golfsmith’s stock  price at the close of trading on Friday and about 55 per cent above  where the shares were when Golfsmith announced on March 1 it was seeking  strategic alternatives.

Golfsmith shares were up $1.33, or 28.24 per cent, at $6.04 Monday morning on the Nasdaq.

Golf Town is owned by OMERS Private Equity, which manages funds for Ontario public-sector employees.

The  Toronto-based retailer currently has 54 stores across Canada and seven  in the Boston area and says the takeover of the U.S.-based concern will  create the world’s largest specialty golf retailer.

“Golfsmith is a  company that we have admired for years,” said Don Morrison, senior  managing director and Canadian country head of OMERS Private Equity.

“This  transaction will give us a formidable footprint in North America and  will also provide a strong platform for future growth,” Mr. Morrison  said.

Golfsmith CEO Martin Hanaka will take over from Golf Town  CEO Ron Hornbaker as chief executive of the combined company after the  deal closes, likely in the third quarter.

“We hold Golf Town in  the highest regard and believe them to be an ideal partner to take  Golfsmith to the next stage of growth,” Mr. Hanaka said.

Sue Gove,  Golfsmith’s chief operating officer and chief financial officer, will  become president and COO of the combined company, while Mr. Hornbaker  will assume the role of executive vice-president, stores.

The  boards of both companies have approved the transaction. In Golfsmith’s  case, approval involved company officers collectively holding a majority  of the company’s outstanding shares and the transaction is not subject  to further Golfsmith stockholder approval.

OMERS Private Equity  manages more than $6.3-billion in private equity on behalf of the  Ontario Municipal Employees Retirement System, which is one of Canada’s  largest pension funds with some 420,000 members and more than  $455-billion in net assets.


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#5 KYMAR

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Posted 14 May 2012 - 10:21 AM

Oh good, well hopefully Canadians can figure out a system that subtracts whole numbers effectively. The whole "we have 10, 1 was just sold, that leaves 9" was just too much for the current team apparently. They were more than happy to go with "We have 1 we just sold 3 that leaves.....uh......25 dollar gift cards for everyone!"

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#6 smackygolf

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Posted 14 May 2012 - 10:22 AM

NO WAY!!  Can't be true. When I posted that this was in the works months ago, I was laughed at, and told I didn't know what I was talking about-especially from Golfsmith employees.


http://www.golfwrx.c...ost__p__3901279

Edited by smackygolf, 14 May 2012 - 10:24 AM.


#7 Break68

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Posted 14 May 2012 - 10:24 AM

http://www.theglobea...article2431833/
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#8 rgk5

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Posted 14 May 2012 - 10:33 AM

When the acquisition is complete, Golf Town becomes the world's largest golf retailer.
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#9 putt4_66

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Posted 14 May 2012 - 10:41 AM

I don't know anything about Golf Town as I am in Houston. There's a pretty good chance that Golfsmith, or Goflsmith stores converted to Golf Town stores will be better than what they are today. Goflsmith is one of the worst run companies I know of. I know people in Golfsmith management, they are a Texas based company. I'm looking forward to the outcome of this buyout.

#10 driverwedge3putt

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Posted 14 May 2012 - 10:54 AM

WOW


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#11 stiffdogg06

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Posted 14 May 2012 - 11:06 AM

View Postrocker40, on 14 May 2012 - 08:11 AM, said:

wow.  i love golfmith.  i wonder if the stores will change.

I hope so. The customer service at my local golfsmith is terrible.
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#12 J9293

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Posted 14 May 2012 - 11:08 AM

golftown is way better than golfsmith anyway.  good for them. golftown has great customer service.
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#13 drpino

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Posted 14 May 2012 - 11:09 AM

Golfsmith IPO'ed at around $11/share back in '06 if I recall correctly. The steady decline in stock price over the last six years shows how poorly the company has been run (even in light of the economic downturn since '08) since going public.

$6.10/share being a ~30-50% premium on market value is evidence that GS has been hurting bad and needed this merger to remain a viable company.

Curious to see if the Canadians can turn things around.

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#14 drew4008

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Posted 14 May 2012 - 11:11 AM

Hmm, I'm excited for what this could mean to us Canadians.  Golf Town is pretty limited in what it offers, particularly on the clubmaking side.  Maybe that could change.

#15 Scungi

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Posted 14 May 2012 - 11:13 AM

Nothing but the best experience from Golftown in the Boston areas, Golfsmith was not terrible to me as far as online shopping, but saw many complaints on here.

That's  being said  Golfsmith had great deals that we all enjoyed, sometimes shipping took a while......Golftown has yet to have any deals like Golsmith use to run.


#16 rkangrah

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Posted 14 May 2012 - 11:47 AM

View Poststiffdogg06, on 14 May 2012 - 11:06 AM, said:

View Postrocker40, on 14 May 2012 - 08:11 AM, said:

wow.  i love golfmith.  i wonder if the stores will change.

I hope so. The customer service at my local golfsmith is terrible.

It happened to me too.  Got rude treatment from the staff.

#17 Mr22putt

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Posted 14 May 2012 - 11:50 AM

Interesting.....thx for the info.

I'm surprised GT would want to purchase GS.....I hope this translates to GT carrying more components like grips and shafts.

Didn't know OMERS owned GT.....IMO...no wonder they had money for expansion...even in Canada.
I can't imagine many if any golf retailers are profitable.

Golf's demand is decreasing....look at how many private clubs are offering trial memberships.

I think many retailers are demo sites for people to try clubs and then go on-line to buy cheaper or similar used clubs.

#18 Jack Pearsall

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Posted 14 May 2012 - 11:57 AM

I heard they will only use Cacadian denomination coinage -- all part of Cacada's avowed effort to gain control of America and all our amazing hockey players!
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#19 driverwedge3putt

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Posted 14 May 2012 - 11:59 AM

I hope we are able as canadians to place ordres on custom stuff like golfsmith allows on their site - golftown has ZERO options for anything custom online - in fact they don't list many stock options either - G20 fairway wood is not avail with the tour shaft a12 hybrid not avail with the white shaft, only the RIP, ......

Golftown has great service but the website stinks - if we will be able to place custom orders and have them drop shipped like in the US oh boy it would get expensive.

#20 Super Tuna

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Posted 14 May 2012 - 12:11 PM

View Postdrew4008, on 14 May 2012 - 11:11 AM, said:

Hmm, I'm excited for what this could mean to us Canadians.  Golf Town is pretty limited in what it offers, particularly on the clubmaking side.  Maybe that could change.

I agree with this whole heartedly. My only beef with GT was the giant pain of trying to get any parts through them. Maybe some extra supply channels will open up now.

Interesting note though is that current CEO and CFO of Golfsmith will be taking over the joint company rather then management from Golftown's side.


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#21 Huntster

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Posted 14 May 2012 - 12:17 PM

View Posthittingitlong, on 14 May 2012 - 11:59 AM, said:

I hope we are able as canadians to place ordres on custom stuff like golfsmith allows on their site - golftown has ZERO options for anything custom online - in fact they don't list many stock options either - G20 fairway wood is not avail with the tour shaft a12 hybrid not avail with the white shaft, only the RIP, ......

Golftown has great service but the website stinks - if we will be able to place custom orders and have them drop shipped like in the US oh boy it would get expensive.

The options may not be what you want but at least their inventory system is SOLID. Can't be said for Golfsmith.

#22 StrokerAce

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Posted 14 May 2012 - 12:23 PM

wonder if they will keep separate online identities and this just applies to the b&m stores?
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#23 jblackb042

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Posted 14 May 2012 - 12:35 PM

I've never been to a Golf Town, but as long as it doesn't go the way of Edwin Watts I'm good with it.

#24 bobdenver1961

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Posted 14 May 2012 - 12:45 PM

I'm never been in a Golf Town. Hopefully it's better than Golfsmith. Posted Image

Nothing but pissed off and rude employees in my local Golfsmith.

#25 ronniemac

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Posted 14 May 2012 - 12:51 PM

View Postrocker40, on 14 May 2012 - 08:11 AM, said:

wow.  i love golfmith.  i wonder if the stores will change.

Private equity groups make me nervous, as in Bain Capitol.


#26 rainkingjr

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Posted 14 May 2012 - 12:51 PM

Wow, and they just opened a brand new Golfsmith here in the Baltimore area. One thing I will say about the new store is that they are flat out crazy with their pre-owned pricing. They were asking top dollar for clubs 5 and 6 years old. Golf Galaxy smokes them in that department.

#27 ronniemac

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Posted 14 May 2012 - 12:52 PM

View Postrkangrah, on 14 May 2012 - 11:47 AM, said:

View Poststiffdogg06, on 14 May 2012 - 11:06 AM, said:

View Postrocker40, on 14 May 2012 - 08:11 AM, said:

wow.  i love golfmith.  i wonder if the stores will change.

I hope so. The customer service at my local golfsmith is terrible.

It happened to me too.  Got rude treatment from the staff.

I had so much trouble with them I deal with Hireko only.

#28 Beatupfender

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Posted 14 May 2012 - 12:59 PM

Congratulations Golf Town (I think)!

Hopefully, whichever way they play the merger will make it better for the customers, wether they chose to keep the Golfsmith name alive or turn every store over to GT.
One thing is for sure: they have definitely increased their buying power vs the OEMs.
Let's wait and see...

#29 TheMoneyShot

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Posted 14 May 2012 - 01:26 PM

They just opened a GS in my town a year ago.  It will be interesting to see what happens with it now.

#30 Llortamaisey

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Posted 14 May 2012 - 01:31 PM

I wonder why the Edwin Watts deal didn't go through for Golf Town. It's a good thing that they were able to snatch up Golfsmith instead.


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