TORONTO and MONTREAL, Aug. 12, 2013 /CNW/ - FGL Sports Ltd. (FGL Sports), a division of Canadian Tire Corporation, Limited (TSX:CTC) (TSX:CTC.a), announced today that it has completed the acquisition of Pro Hockey Life Sporting Goods Inc.
"Pro Hockey Life offers the best hockey products available in the world and gives us an even wider range of options for customers - from your first skates at Canadian Tire, to high performance hockey with Sport Chek and Sports Experts and now elite hockey equipment from Pro Hockey Life," said Michael Medline, President of FGL Sports and Executive Vice President of Canadian Tire Corporation. "We are proud to support Canada's game through our relationship with Hockey Canada and the Canadian Olympic Committee, our commitment to helping kids in need through our Jumpstart Charity and our dedication to hockey players and teams across the country."
FGL Sports purchased Pro Hockey Life, a private company, for $85 million. 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. Pro Hockey Life will operate as a banner under FGL Sports, joining super brands such as Sport Chek and Sports Experts.
The acquisition will bolster FGL Sports' capacity to provide Canadians with an unparalleled selection of hockey equipment, knowledgeable staff and excellent customer experience. The deal will also provide FGL Sports with the ability to serve a broader cross section of hockey players of varying ages and skill levels.As at closing, the Competition Bureau had not issued a clearance, in the form of an advance ruling certificate or no-action letter, in respect of the acquisition. The Competition Act permits the Commissioner of Competition to make an application to the Competition Tribunal in respect of a merger of this type for a period of one year after its implementation.