Golf Town Acquired by Fairfax and Funds Managed by CI Investments
Goodmans LLP represented Golf Town Canada Inc. and its subsidiaries (collectively Golf Town) in the acquisition of substantially all of its assets by a subsidiary of Fairfax Financial Holdings Ltd. and funds managed by CI Investments Inc. (the Purchaser) in connection with Golf Town’s restructuring proceedings under the Companies’ Creditors Arrangement Act (the CCAA).
The going concern transaction resulted in the continued operation of a substantial majority of Golf Town’s 55 retail locations and preserved Golf Town as Canada’s largest golf retailer. The Purchaser closed asset-based credit facilities with The Toronto-Dominion Bank contemporaneously with the closing of the transaction on October 31, 2016.
The Golf Town acquisition was a key component of a broader restructuring involving Golf Town’s U.S.-based affiliate, Golfsmith International Holdings, Inc. (together with its subsidiaries “Golfsmith”). Golfsmith obtained Chapter 11 protection concurrently with Golf Town’s CCAA filing and pursued a dual track strategy to advance restructuring and sale alternatives of its U.S. business. Golfsmith entered into a support agreement with Fairfax and CI, which together held approximately 40% of the company’s second lien secured notes due 2018, with respect to the recapitalization and restructuring of Golfsmith. Golfsmith also undertook an auction process in the Chapter 11 proceedings and ultimately entered into a sale transaction pursuant to which a consortium led by Dick’s Sporting Goods acquired substantially all of Golfsmith’s assets.
Featured Work
-
Mergers and Acquisitions
Ratio.City acquired by Esri Canada
Goodmans LLP acted for Ratio.City in its acquisition by Esri Canada… -
Mergers and Acquisitions
Ace Beverage Group acquired by Corby Spirit and Wine
Goodmans LLP acted for Ace Beverage Group in the acquisition of 90% of its outstanding shares by Corby Spirit and Wine Limited for $148.5 million… -
Mergers and Acquisitions
Group led by Michael Andlauer buys Ottawa Senators
Goodmans LLP acted for an entity controlled by Michael Andlauer in its purchase of the Ottawa Senators Hockey Club from the Melnyk Estate… -
Mergers and Acquisitions
Docebo Inc. acquires Edugo.AI
Goodmans LLP acted for Docebo Inc. (“Docebo”) in its acquisition of Edugo.AI (“Edugo”), a Generative AI-based Learning Technology that uses advanced Large Language Models and algorithms to optimize… -
Mergers and Acquisitions
Sale of CampBrain to Clubessential Subsidiary Vermont Systems
Goodmans LLP acted for CampBrain, a best-in-class SaaS solution for camp management and registration, in connection with its sale to Clubessential subsidiary Vermont Systems, the leading provider of… -
Mergers and Acquisitions
Classic Fire + Life Safety expands in Western Canada
Goodmans LLP advised Classic Fire + Life Safety, a McCain Capital Partners portfolio company, in its expansion into Western Canada through the acquisitions of Legacy Fire Protection, Photon Electric…