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Invest. firm acquires majority stake in Golfsmith
by Associated Press

First Atlantic Capital Ltd., a private investment firm specializing in acquiring and growing mid-size companies, today bought a majority interest in Austin, Tex.-based Golfsmith International. The purchase price of Golfsmith, one of the world's largest multi-channel specialty retailers of golf equipment and components, was not disclosed.

Jim Thompson, formerly Golfsmith's senior VP of merchandising and retail operations, is now president and CEO of Golfsmith. Company founders Carl and Frank Paul will have a substantial ownership position, board representation and will focus on managing the business' components division. Charles Shaw, managing director of First Atlantic, will become Golfsmith's chairman.

"We are excited to become part of First Atlantic's strong portfolio of companies," Thompson said. "We believe they can provide the operating experience necessary to further expand our existing product lines and distribution channels, as we increase our customer base."

First Atlantic plans to accelerate the opening of new Golfsmith stores and to expand the company's catalog and Internet distribution businesses. Founded in 1967, Golfsmith offers equipment from leading manufacturers and its own brands and accessories in its 24 superstores throughout the United States and Canada.


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