By Laura Lutz
Des Moines, Dec. 7 - Gander Mountain Co. raised $24 million from a private placement of common stock, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 4,067,797 shares at $5.90 each.
Gratco, LLC bought 3,065,000 shares for $18.08 million, and Holiday Stationstores, Inc. bought 1,002,797 shares for $5.92 million.
Gratco is an affiliate of David C. Pratt, Gander's chairman. Holiday is an affiliate of Ronald Erickson, the company's vice chairman, and Gerald A. Erickson, a director of the company.
Proceeds were used for Gander's acquisition of Overton's Holding Co. That acquisition closed on Dec. 6.
Gander is a St. Paul, Minn.-based retail network of stores for hunting, fishing, boating, camping, marine and outdoor lifestyle products and services.
| Issuer: | Gander Mountain Co.
|
| Issue: | Common stock
|
| Amount: | $24,000,002
|
| Shares: | 4,067,797
|
| Price: | $5.90
|
| Warrants: | No
|
| Investors: | Gratco, LLC (for $18,083,500); Holiday Stationstores, Inc. (for $5,916,502)
|
| Pricing date: | Dec. 6
|
| Stock symbol: | Nasdaq: GMTN
|
| Stock price: | $5.49 at close Dec. 6
|
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