Gander Mountain Buys Overton for $70M
St. Paul, Minn., Gander Mountain Co. said Thursday it bought Overton’s Inc., a seller of water-sports equipment, for $70 million in cash.
Gander Mountain bought Greenville, N.C.-based Overton from private equity firm Linsalata Capital Partners. The deal included the repayment of an unspecified amount of Overton debt.
Overton’s, which sells water skis, wakeboards and similar equipment online and through catalogs, had revenue of more than $90 million in 2006.
Gander financed the deal with a $24 million stock offering, a $40 million loan from Bank of America and funds borrowed through the company’s credit facility.
Watts jumping to QVC from Wal-Mart
WEST CHESTER, Pa. Former Wal-Mart merchandising evp, Claire Watts is joining QVC on Jan. 7, 2008, and will assume the role of president of U.S. Commerce, effective May 1, 2008, QVC announced today.
Watts was with Wal-Mart for the past ten years, serving in a variety of positions, including most recently as evp of merchandising. She has also held executive positions at The Limited, Lands’ End and the May Company.
In her new position as president of U.S. Commerce, Watts will oversee planning, programming, merchandising, broadcasting, TV sales, and QVC.com for the U.S. operation.
“Claire brings a wealth of experience from multiple sectors of retailing and has an in-depth understanding of consumers,” said QVC’s president and ceo, Mike George, to whom Watts will report. “Her ability to lead in an open, honest, values-based environment, combined with her innovation and creativity, will undoubtedly have a positive impact on the QVC business.”
Saks reports 25.7% monthly comps increase
NEW YORK Saks today announced that owned sales totaled $347.6 million for the four weeks ended Dec. 1 compared to $275.3 million for the four weeks ended Nov. 25, 2006, a 26.3% increase. Comparable-store sales increased 25.7% for the four-week period.
On a year-to-date basis, for the ten months ended Dec. 1, owned sales totaled $2.6 billion compared to $2.2 billion for the ten months ended Nov. 25, 2006, a 16.5% increase. Comparable-store sales increased 14.5% for the ten-month period.
According to the company, its strongest categories for November were women’s shoes; handbags; fine jewelry; men’s accessories, shoes, and apparel; women’s “gold range” apparel; fragrances; and outerwear. The weakest categories at Saks Fifth Avenue for November were Salon Z (women’s large sizes), designer eveningwear, bridal, and cosmetics.