TORONTO, ONTARIO--(Marketwired - Oct. 11, 2016) - Fairfax Financial Holdings Limited ("Fairfax") and CI Investments Inc. ("CI") are pleased to announce 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 of Golf Town. Mr. 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. Golf Town is Canada's leading specialty retailer of golf equipment, consumables, golf apparel and accessories.
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 "CCAA Proceedings"). 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, 2016.
"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."
"We are looking forward to bringing Golf Town's business out of its CCAA Proceedings," said Bill Gregson, Chairman of Golf Town on closing. "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."
"I'm excited to be joining the Golf Town team and to be working with all of its stakeholders, primarily its fantastic employees and vendors", said Chad McKinnon, President of Golf Town on closing. "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."
About Golf Town
Golf Town is the largest specialty golf retailer in Canada and has over 50 stores. The company also offers convenient, 24/7 shopping at www.golftown.com. The company features the broadest selection of the best brands in golf, expert staff who share its customers' love of the game, and state-of-the-art custom fitting services and technology - truly Anything For Golf.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
About CI and Signature Global Asset Management
Signature Global Asset Management, a division of CI, manages over $50 billion in core equity, balanced and income-oriented portfolios and has offices in Toronto and Hong Kong. CI is one of Canada's largest investment fund companies, managing approximately $110 billion (as of September 30, 2016) on behalf of two million Canadian investors. CI is a subsidiary of CI Financial Corp., a diversified wealth management firm listed on the Toronto Stock Exchange (symbol: CIX).