Maurice Sporting Goods, LLC, one of North America’s largest distributors of outdoor sporting goods, announced that the company is now fully capitalized following its acquisition by Middleton Partners.
In late December, Maurice Sporting Goods said Middleton Partners has been deemed the successful bidder for the company as part of its bankruptcy process. Prior to filing for bankruptcy in Delaware on November 20, Maurice Sporting Goods reached an agreement to sell itself to Middleton Partners, a private investment firm Northbrook, IL., for $39 million. Middleton Partners acted as the stalking horse bidder in a bankruptcy auction set to explore a better offer but no other bids arrived.
In a statement Monday, Maurice said the transaction “significantly strengthened Maurice’s liquidity and the business is no longer operating under court protection.” The company added that it’s “primed to reclaim its position as the dominant sporting goods distributor in the nation” with investments planned to support growth this year.
“We are very eager to start 2018 with our financial challenges resolved and a renewed focus on our customer and vendor relationships. Maurice has always been a family business, and we’re pleased that our new financial strength provided by Middleton Partners, allows us to work toward a better future,” said Jory Katlin, Maurice president and chief executive officer. “We are extremely grateful to our customers and vendors, who worked with us during the financial restructuring and look forward to having fruitful and long-term relationships.”
In 1986, Jory Katlin, son of Frank and Faye (Olshansky) Katlin, grandson of Maurice Olshansky, took over as CEO.
Maurice said in its statement that its sales team is “working diligently with its customers to ensure that it exceeds the top-notch service they have come to expect for nearly a century,” including being fully stocked and ready for the Spring and Summer seasons. Maurice’s inventory also continues to arrive and be shipped daily and on time.
“We’re looking forward to working with the entire Maurice team who have shown remarkable dedication and professionalism,” said Keith Jaffee, Middleton Partners senior partner. “We are already seeing positive changes in both the business output and the team’s excitement and are looking forward to our new relationship with them.”
Photo courtesy Maurice Sporting Goods
