Times Wire Reports
ST. PAUL, Minn. | Gander Mountain Co., the nation's largest retail network of stores for outdoor lifestyle products and services, announced Friday it has acquired Overton's Inc., a leading Internet and catalog marketing company targeting recreational boaters, from Linsalata Capital Partners, a Cleveland-based private equity firm.
With 2006 revenues in excess of $90 million and more than 15 million catalogs distributed annually, Overton's is an established Internet and catalog marketer. Headquartered in Greenville, N.C., Overton's operations include a fulfillment center and call center offering available capacity to support new Gander Mountain Internet and catalog marketing opportunities.
"The acquisition of Overton's enables Gander Mountain to greatly accelerate our strategy to be an integrated, multi-channel retailer featuring Internet, catalogs and retail stores," said Mark Baker, Gander Mountain president and CEO.
Mark Metcalfe, CEO of Overton's, said, "The entire Overton's team is tremendously excited by the opportunities this new ownership brings. We believe we can significantly contribute to the growth of Gander Mountain's Internet and catalog efforts, as well as increase the distribution of Overton's catalogs and drive sales of Overton's products in Gander Mountain's retail stores."
The purchase price for the acquisition was approximately $70 million in cash which included the repayment of Overton's existing indebtedness at closing.