Canadian Tire has announced that its offer to acquire the Forzani Group, one of Canada’s leading sporting good retailers, has been accepted. Paying $771 million for Forzani’s shares, the purchase was official on Thursday.
In addition to the acquisition announcement, Canadian Tire also revealed the new executive team for Forzani. Forzani’s CEO, Robert Sartor and CFO, Michael Lambert, have stepped down from their positions. Michael Medline, Canadian Tire’s former President of Automotive and Dealer Relations and head of the acquisition team has been named as Forzani’s new President. Gregor Craig, previously Canadian Tire’s Vice President of Financial Planning and Analysis will become CFO for Forzani.
Other members of the 11 person executive team include Richard White—Sr. VP and Chief Merchandising Officer, Chad McKinnon—Sr. VP of Corporate Operations, Jean-Stéphane Tremblay—Executive VP of Franchise, Duncan Fulton—Sr. Pof Communications and CMO, Keith Lambert—Sr. VP of Supply Chain and merchandise Management, Matthew Handford—Sr. VP of Human Resources, Kristine Freudenthaler—Sr VP of Information Technology, Chief Information Officer and Chief Integration Officer, Doug Nathanson—Chief Legal Council, Trent Holfeld—VP of Real Estate Development and Thomas Quinn—Former FGL President and COO who will continue to provide strategic counsel.
SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:
"It's rare that you have the opportunity to establish an executive team from two pools of top talent," said Stephen Wetmore, President and Chief Executive Officer of Canadian Tire. "We have appointed a great mix of skills and experience, coupled with previous executives from Forzani and new executives from Canadian Tire. I am confident that this is the team to lead Forzani on a path of strong growth."
The Forzani Group is one of Canada’s leading retailer of sporting goods that offers a comprehensive assortment of brand name and private brand products. Forzani operates its stores under the following brands: Sport Check, Sport Mart, Athletes World, National Sports, Sports Experts, Intersport, Atmosphere, Tech Shop, Nevada Bob’s Golf, Hockey Experst, The Fitness Source and S3.