Gill Athletics, Inc. has signed a non-binding letter of intent to purchase substantially all of the assets of Porter Athletic Equipment Co. Based in Broadview, Ill., Porter Athletic Equipment is one of the worlds leading manufacturers of indoor and outdoor sports equipment.
“Our companies are committed to developing innovative equipment for athletic fields, gymnasiums, and athletic field houses. The combination of Gill and Porter allows us to strengthen our brands through research, development and distribution,” said David Hodge, President and CEO of Gill Athletics.
“Porter Athletic Equipment appreciates the tradition of excellence embodied by Gill and welcomes the opportunity to create an unrivaled portfolio of high quality products to serve all facets of the sports and recreation industries,” said John McGinnis, President of Porter. “We believe specifiers and dealers, in particular, will recognize the great value of unified effort by proven leaders.”
Porter Athletic Equipment and Gill Athletics share a similar history. Both companies were early innovators in their respective sports. Porter, founded in 1868, was one of the first manufacturers of basketball goals and gymnasium equipment. Gill Athletics has manufactured and sold track and field equipment for 88 years and is the official supplier to USA Track & Field. Gill and Porter complement each other in the athletic facility industry. Porter is the industry leader for custom gymnasium equipment, while Gill Athletics leads the market in outdoor athletic equipment, focusing in and around the track. Together, the two provide the athletic complex architect and contractor a single resource for the entire project.
Closing of the transaction is subject to a number of conditions, including but not limited to negotiation and execution of a definitive agreement, completion of a due diligence investigation, receipt of financing, approval of the boards of directors and shareholders of both companies and various other conditions. The companies anticipate that the transaction will close during the second quarter of 2006.
