Does this force Dark Siders to invest in the company to retain their
status as Dark Siders? Haven't seen this posted yet.
Golfsmith seeks $115M IPO
Austin Business Journal - March 14, 2006
Golfsmith International Holdings Inc. filed Tuesday for an initial
public offering of its common stock.
The Austin company hopes to raise $115 million through its IPO on the
NASDAQ National Market, according to a filing with the U.S. Securities
and Exchange Commission. The proposed ticker symbol is "GOLF."
Golfsmith didn't specify the number of shares to be sold or estimate a
price per share.
The company plans to use proceeds from the stock offering to pay off
some of its debt, including about $93 million of its senior notes; pay
off a credit line of $5.8 million; and pay a $3 million fee to cancel
its management consulting agreement with First Atlantic Capital Ltd.
In 2005, Golfsmith posted revenue of $324 million and operating income
of $14.7 million. As of December, the retailer operated 52 stores, with
plans for 10 to 12 more locations in 2006 and 14 to 16 in 2007.
Founded in 1967, Golfsmith is a retailer of golf equipment, apparel and
accessories. Atlantic Equity Partners III LP, a fund operated by New
York private equity firm First Atlantic Capital, is the majority owner
Merrill *** & Co., JPMorgan Securities Inc., Lazard Capital Markets
LLC and Fenner & Smith Inc. are underwriters of the IPO.
Recently, Golfsmith has undertaken several initiatives to expand its
market share, including the addition of tennis products and the launch
of a catalog called Drive targeting female golfers.
Golfsmith's IPO filing comes after its chief rival, Golf Galaxy Inc.
(NASDAQ: GGXY) of Eden Prairie, Minn., went public last July.
Rancho Cucamonga, CA