Fairfax Financial Holdings Limited and CI Investments Inc. have announced that, effective on the closing of their previously announced acquisition of Golf Town, Bill Gregson will be appointed chairman of Golf Town and Chad McKinnon will be appointed president.
McKinnon has over 25 years of experience in sporting goods management, with over 20 years spent in numerous roles at FGL Sports/Forzani Group, most recently as chief operating officer.
As previously announced, Fairfax and certain investment funds managed by Signature Global Asset Management, a division of CI, have entered into an asset purchase agreement with Golf Town Canada Inc. and Golf Town Operation Limited Partnership to acquire the Canadian-based business of Golf Town out of its current proceedings under the Companies’ Creditors Arrangement Act (Canada).
The transaction was recently approved by the Ontario Superior Court of Justice in the CCAA Proceedings, is subject to receipt of remaining regulatory approvals and is expected to close by October 31.
“We are thrilled to continue working with Bill Gregson, who has achieved tremendous success in his roles at The Brick and Cara and we welcome Chad McKinnon as the new president of Golf Town,” said Paul Rivett, president of Fairfax.
“Golf Town has a leading presence as a specialty golf retailer in Canada and we look forward to working with Bill, Chad and the Golf Town team to re-invigorate and grow the business over the long term,” he added.
“We are looking forward to bringing Golf Town’s business out of its CCAA Ppoceedings,” said Gregson. ”
The transaction will provide long term stability for Golf Town’s customers, employees, landlords and suppliers, and we look forward to introducing Golf Town to Chad McKinnon, a proven leader in the sporting goods retail sector,” he added.
McKinnon added he looked forward to the task at hand.
“Golf Town will continue in its unwavering commitment to provide customers with exceptional service and high-quality golf products and I look forward to building the Golf Town brand over the long term,” he said.