Rant Sports Parent Closes $3M Round Of VC KKR Withdraws IMG Bid Bornstein, Shapiro Advising Competing Bids For IMG CAA Out Of Hunt For IMG Disney Reports Higher Q4 Earnings Second Round Of Bids For IMG Were Due Thursday Adidas' Q3 Operating Profit, Sales Drop 21st Century Fox Revenues Exceed Forecasts SMI Sees Ticket Sales Decrease In Q3 Chime Communications Buys JMI For $76M
THE EAGLE HAS LANDED AT FAMILY GOLF CENTERS
Published April 7, 1998
N.Y.-based Family Golf Centers has agreed to acquire Eagle Qwest Golf Center Inc, the nation's second-largest owner, operator and manager of driving ranges for shares worth "about" $46.1M, according to Alan Wax of DOW JONES NEWS. Vancouver-based Eagle Qwest owns 18 golf centers in N.A. and has signed letters of intent to acquire eight more, while Family Golf owns or is constructing 76 centers in 19 states. Under terms of the deal, expected to close in the 3Q, Family Golf will issue "approximately" 1.15 million shares of its stock. Family Golf Chair & CEO Dominic Chang said Eagle Qwest's locations "perfectly complement" his company's regional concentration in the Northeast, Southeast, Upper Midwest and West (DOW JONES/NEWSDAY, 4/3). LINKS: Vancouver-based ski resort developer Intrawest plans to buy a 95% stake in AZ-based Raven Gold Group, which owns two upscale public golf courses and has management contracts for three more in the U.S., according to Peter Kennedy of the FINANCIAL POST. The other 5% of the company will be retained by Raven's Owner-Operator Larry Lippon, who will become President of Raven/Intrawest Golf Group. Intrawest said the deal "gives it the management and expertise to pursue growth in the golf resort business." Acquisition prices were not disclosed (FINANCIAL POST, 4/6).