Menu
Finance

Golf Town Acquires Golfsmith For $97M, Creating Largest Specialty Golf Retailer

Austin-based Golfsmith International Holdings yesterday announced it has agreed to a $97M sale to Canadian golf retailer Golf Town in a deal "that will create the world's largest specialty golf retailer,” according to Lori Hawkins of the AUSTIN AMERICAN-STATESMAN. Golf Town, which has 54 stores in Canada and seven in the Boston area, agreed to pay $6.10 a share for Golfsmith. The two companies said that they “expect to close the deal in the third quarter." Current Golfsmith CEO Martin Hanaka "will become CEO of the combined company, which will become private.” Golfsmith is the "largest golf retailer" in the U.S., with about 85 retail locations. The company employs "about 350 people" in Austin, Texas, where it has been headquartered since ’73. Golfsmith President, COO & CFO Sue Gove said that the company will “maintain its Austin operations.” She added that the combined company's new corporate name “hasn't been determined." Gove said that when the deal closes, Golf Town stores in the U.S. “will be renamed Golfsmith, while existing Golfsmith stores will retain their name.” In the future, all Canada stores “will operate under the Golf Town name and all U.S. stores will operate under Golfsmith” (AUSTIN AMERICAN-STATESMAN, 5/15). GOLF DIGEST’s Mike Stachura reported Gove will “become the President and COO of the combined company.” The Golfsmith model in recent years “has been toward developing large square-footage ‘experiential’ retail outlets with multiple hitting bays, large putting greens and an emphasis on clubfitting and increased apparel offerings.” In addition, Golfsmith has seen “substantial growth in the online arena." Stachura noted Golf Town’s model “is similar,” as the company is Canada’s “No. 1 golf retailer” (GOLFDIGEST.com, 5/14).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2012/05/15/Finance/Golfsmith.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2012/05/15/Finance/Golfsmith.aspx

CLOSE