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Invest. firm acquires majority stake in Golfsmith
by Associated Press
First Atlantic Capital Ltd., a private investment firm specializing in
acquiring and growing mid-size companies, today bought a majority interest
in Austin, Tex.-based Golfsmith International. The purchase price of
Golfsmith, one of the world's largest multi-channel specialty retailers of
golf equipment and components, was not disclosed.
Jim Thompson, formerly Golfsmith's senior VP of merchandising and retail
operations, is now president and CEO of Golfsmith. Company founders Carl
and Frank Paul will have a substantial ownership position, board
representation and will focus on managing the business' components
division. Charles Shaw, managing director of First Atlantic, will become
Golfsmith's chairman.
"We are excited to become part of First Atlantic's strong portfolio of
companies," Thompson said. "We believe they can provide the operating
experience necessary to further expand our existing product lines and
distribution channels, as we increase our customer base."
First Atlantic plans to accelerate the opening of new Golfsmith stores
and to expand the company's catalog and Internet distribution businesses.
Founded in 1967, Golfsmith offers equipment from leading manufacturers and
its own brands and accessories in its 24 superstores throughout the United
States and Canada.
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