Sporting goods retailer Forzani Group says it has signed a letter of intent to purchase the Canadian interests of golf equipment chain Nevada Bob's International Inc.
The Toronto Star
August 20, 2004
Nevada Bob's to join Forzani sports empire
CALGARY—Sporting goods retailer Forzani Group says it has signed a letter of intent to purchase the Canadian interests of golf equipment chain Nevada Bob's International Inc.
Forzani did not release any financial details of the purchase of Nevada Bob's, which has a market capitalization of $7.7 million.
The acquisition announced yesterday is expected to add $30 million to Forzani's sales.
Forzani operates sporting-goods stores across Canada under the banners Sport Chek, Coast Mountain Sports and Sport Mart.
Nevada Bob's is a chain of franchised golf specialty outlets, with over 120 storefronts under the Nevada Bob's Golf banner worldwide.
Shares in Forzani closed up 65 cents at $13.85 in Toronto yesterday.
The company released the news about its pending acquisition after the end of the trading day.
CANADIAN PRESS
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Risks: Mergers and acquisitions, Canada, 20040820 Nevada Bob's
