New owner of Maurice Sporting Goods confirmed
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Maurice Sporting Goods (MSG) has confirmed that Middleton Partners is the new owner of the company.
Before filing for bankruptcy in Delaware in November, MSG reached an agreement to sell itself to Middleton Partners, a private investment firm based in Northbrook, IL. Middleton Partners would act as the stalking horse bidder in the case in anticipation of a bankruptcy auction to explore a better offer.
The sales procedures were approved by a bankruptcy court earlier this month and the date to submit bids was set for December 22. Since no qualified bids arrived by that time, the auction was cancelled and Middleton Partners was deemed the successful bidder. The purchase price was $39 million.
The bankruptcy filing noted that Middleton’s offer came only after MSG reached a deal to be acquired by Peak Global Holdings, the parent company of Big Rock Sports, Head Quarters Taxidermy Supply and Bluefield Brands, in October, but it withdrew from the acquisition less than two weeks later.
MSG is one of North America’s largest distributors of outdoor sporting goods, and has a particular focus on the hunting and fishing products.