Sport Supply Group, Inc. announced that ONCAP II LP and its affiliates, the mid-market private equity platform of Onex Corporation, have completed the previously-announced acquisition of Sport Supply Group.
On Thursday, Sport Supply Group's shareholders approved the going-private transaction at a special meeting of shareholders. Pursuant to the definitive merger agreement between ONCAP and Sport Supply Group, executed on March 15, 2010, Sport Supply Group stockholders will receive $13.55 per share in cash.
Adam Blumenfeld, Chairman and Chief Executive Officer of Sport Supply Group, stated: “We sincerely appreciate the loyalty and support of our shareholders over the years. We look forward to a long and productive relationship with ONCAP in the years to come.”
Mark Gordon, Managing Director at ONCAP, commented: “We are very excited to be partnering with the management team and employees of Sport Supply Group and look forward to working together to further build on the company's success through organic and acquisition growth initiatives.”
Sport Supply Group's common stock will cease trading on the NASDAQ as of the close of business on August 5, 2010.
O'Melveny & Myers LLP served as legal counsel to ONCAP, and Vinson & Elkins L.L.P. served as legal counsel to Sport Supply Group. Houlihan Lokey Howard & Zukin Capital, Inc. served as financial advisor to the Sport Supply Group special committee in connection with the merger.
Sport Supply Group, markets via three million direct catalogs, a 40-person telesales team, more than 200 direct sales professionals, 60 Platinum Resellers and a family of company-controlled websites.
