Barbeques Galore agrees to be acquired by Ironbridge Capital
Barbeques Galore Ltd., a multi-channel retailer of cooking products, has signed an agreement to be acquired by Australian equity firm Ironbridge Capital for about $45 million in cash, based on an offer of $13 in Australian currency per share, the retailer said today.
Barbeques Galore owns and operates more than 100 stores in the U.S. and Australia. It also serves the U.S. market through BBQGalore.com and operates an Australian market site at BarbequesGalore.com.au.
The company reported total net sales of $107.95 million for the six months ended July 31, including $70.9 million in the U.S. That compares with $101.03 million in the year-ago period, for a rise of 6.9%, including $65.4 million in the U.S. The retailer, whose U.S. base is in Lake Forest, CA, doesn’t break out web sales.
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