M&A · Industrials · Retail-Miscellaneous Shopping Goods Stores
Great Outdoors Group, LLC to acquire Sportsman's Warehouse Holdings, Inc.
Announced Dec 21, 2020 · Terminated Dec 2, 2021
Deal value$785MEV $774M
Premium42.3%To unaffected price
EV / Adj. EBITDA6.4x0.6x EV / Revenue
ConsiderationAll cash$18.00 per share
Transaction
- Acquirer
- Great Outdoors Group, LLC
- Target
- Sportsman's Warehouse Holdings, Inc. (SPWH)
- Buyer type
- Strategic
- Offer price per share
- $18.00
- Enterprise value
- $774M
- Status
- Terminated Dec 2, 2021
Deal protections
- Break fee (target pays)
- $23.0M · 2.9%
- Reverse fee (buyer pays)
- $55.0M · 7.0%
- Go-shop
- Go-shop
- Financing
- Committed · Baird
Advisors
- To the acquirer
- JPMorgan, Moelis
- To the target
- Baird
- Baird fee
- $7.6M
Sector context · Industrials
- Comparable deals
- 6 in the prior 24 months
- Premium
- 42.3% vs. 30.0% sector median
- EV / Adj. EBITDA
- 6.4x vs. 9.8x sector median
- Break fee
- 2.9% vs. 2.2% sector median
Timeline
- AnnouncedDec 21, 2020
- Proxy filedFeb 2, 2021
- Definitive proxyFeb 16, 2021
- Shareholder voteMar 23, 2021
- TerminatedDec 2, 2021
Valuation · fairness opinions
Discounted cash flow$13.85$18.58
Offer $18.00
Implied value per Sportsman's Warehouse Holdings, Inc. share by analysis, from Baird.