Pro Hockey Life Sporting Goods Inc., a pioneer of the hockey superstore concept operating under the Sports Gilbert Rousseau and Pro Hockey Life banners in Canada, has completed a private financing round to fund the acquisition of Sports L.G.L. Inc. in Quebec City, as well as to further accelerate its national Canadian expansion strategy.
“LGL, with its network of specialized hockey stores located in the Quebec City and Chicoutimi markets under the Entrepôt du Hockey banner, is a true Quebec institution which further cements our leadership position in the province of Quebec”, explains Gilbert Rousseau, President and Chief Executive Officer of Hockey Life.
This financing round was completed by Champlain Financial Corporation and Capital Canada Limited's investors, which include Hockey Life's initial investor base, in addition to Fondaction, le Fonds de développement de la CSN pour la coopération et l'emploi and Cyrille Guillemette, a co-founder of LGL.
“It is with great pride that I join the Hockey Life team to participate in building this unique concept nationwide. The addition of Entrepôt du Hockey to the group is a natural strategic element in executing our business plan”, states Mr. Guillemette.
In addition to funding the LGL acquisition, this financing round also provides Hockey Life with additional capital to accelerate its national store expansion, which includes the opening of several new superstores in key Ontario markets under the Pro Hockey Life banner by the fall of 2008. This expansion wave follows the 2007 opening of two superstores located in Vaughan, Ontario, a Toronto suburb, and in Charlemagne, Quebec outside of Montreal.
Today, Hockey Life operates seven stores dedicated to the sale of hockey equipment with six in the Montreal area operating under the Company's original banner Sports Gilbert Rousseau, and one store in Toronto operating under the Pro Hockey Life banner, which is being rolled out across Canada.