- FGL Sports Ltd., a wholly-owned subsidiary of Canadian Tire Corporation, Limited, enters into a purchase agreement with Pro Hockey Life Sporting Goods Inc. for $85 million
- Acquisition of premier, high-end hockey store chain is a natural extension of Company's strength in sports
- Builds on Canadian Tire's successful acquisition and integration of FGL Sports
- Accretive to earnings in the first year
- Consistent with Canadian Tire's strategy to seek new platforms for growth in core categories
CALGARY, Nov. 28, 2012 /CNW/ - FGL Sports Ltd., a division of Canadian Tire Corporation, Limited (TSX:CTC) (TSX:CTC.a) , today announced that it has entered into an agreement to purchase Pro Hockey Life Sporting Goods Inc., a private company, for $85 million. The transaction follows Canadian Tire's successful acquisition of FGL Sports in 2011 and builds on the Company's strength as Canada's leading sports authority.
Pro Hockey Life is a premier sports retailer with 23 urban, high-end hockey stores operating in five provinces across Canada. It has annual revenue of approximately $95 million, a unique customer base, as well as a more extensive product assortment and depth of product offering than existing retail banners.
"Hockey isn't merely something we sell in our stores," said Stephen Wetmore, President and CEO, Canadian Tire Corporation. "Hockey is in our DNA - whether it's our relationship with the NHL, helping kids in need through our Jumpstart charity or supporting junior hockey players and teams across the country, we are a Canadian company supporting Canada's game.""Whether Canadians aspire to be a champion in the playground or on a podium, Canadian Tire believes it has a role in helping active people and athletes succeed," continued Wetmore.