Golf Galaxy Acquires The GolfWorks
Eden Prarie, Minn., Golf Galaxy, Inc. completed its acquisition of club-making tools and supply company The GolfWorks. The acquisition comes two days after competitor Golfsmith International filed plans with the Securities and Exchange Commission to launch an initial public offering worth approximately $115 million. Golf Galaxy paid a combination of $3.7 million in cash and assumed $5.4 million in debt from The GolfWorks, which reported net sales of $24.5 million in fiscal 2005. Golf Galaxy currently operates 52 stores in 23 states along with its e-commerce Web site.