Gander Mountain Company closed its initial public offering of 6,583,750 shares of its common stock at a price of $16.00 per share, including 858,750 shares sold upon exercise of the underwriters' over-allotment option. All of the shares were sold by Gander Mountain.
Under terms of the original filing, a number of Erickson family members were recquired to step down from the Board of Directors. They were replaced Monday with five new members who will join continuing directors Gerald Erickson and Ronald Erickson to form Gander Mountain's seven-member Board. The new directors are:
- Mark Baker, Gander Mountain's CEO and President;
- Karen Bohn, President and CEO of the Galeo Group and former Chief Administrative Officer of Piper Jaffray;
- Marshall Day, CPA, former Senior Vice President-Finance and Accounting and CFO of The Home Depot;
- Richard Dell, CEO of Ames True Temper; and
- Dale Nitschke, President of target.direct for Target Corporation
Ronald Erickson, Chairman of Gander Mountain's Board of Directors, said, “We are pleased to be adding such a talented and experienced group to the company's Board as Gander Mountain begins its life as a public company.”
Banc of America Securities LLC and William Blair & Company, L.L.C. acted as joint book-running managers of the offering and Piper Jaffray & Co. acted as co-manager of the offering. Gander Mountain will use the net proceeds of the offering to repay outstanding indebtedness.
A final prospectus for the offering may be obtained from Banc of America Securities LLC, Capital Markets Operations (Prospectus Fulfillment Department), 9 West 57th Street, New York, New York 10019, or by facsimile request at 212-230-8540.
