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. Middleton Partners would act as the stalking horse bidder in the case in anticipation of a bankruptcy auction to explore a better offer.
The sales procedures were approved by bankruptcy court on December 12 and the date to submit bids was set for December 22. Since no qualified bids arrived by December 22, the auction was cancelled and Middleton Partners was deemed the successful bidder. The purchase price was $39 million.
Maurice Sporting Goods will seek entry of an order from the court formally approving the sale on December 28.
The bankruptcy filing noted that Middleton’s offer came only after Maurice Sporting Goods reached a deal to be acquired by Peak Global Holdings, the parent company of Big Rock Sports, Head Quarters Taxidermy Supply and Bluefield Brands, on October 9 but Peak Global Holdings pulled the acquisition on October 19.
Maurice Sporting Goods, based in Northbrook, IL, is one of North America’s largest distributors of outdoor sporting goods, has a particular focus on the hunt & fish space.
Photo courtesy of Maurice Sporting Goods
