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Golfsmith snapped up in $96.5 Million Deal!

Canadian golf retail giant Golf Town have signalled their intentions for increased US presence with the purchase of Austin-based franchise Golfsmith for $96.5 million on Monday.

The Toronto based company will pay $6.10 per share in cash for Golfsmith International Holdings Inc. which boasts 85 stores across the United States selling golf equipment, clothing and accessories.

Golf Town opened seven stores in Boston last year, but this investment is a big step in expanding their foothold on American soil. OMERS Private Equity, which owns the brand, already control 54 stores across Canada.

“Golfsmith is a company that we have admired for years,” said Don Morrison, senior managing director and Canadian country head of OMERS. “This transaction will give us a formidable footprint in North America and will also provide a strong platform for future growth.”

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

“Together, the businesses will have a broad multi-channel offering of retail, online, mobile and catalogue throughout North America,” said Mr. Hornbaker..

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