Texas-Based Tri-Capital Ventures Acquires 17 Golf Retail Stores in Chapter 11 Restructuring

FT. WORTH-The Ft. Worth bankruptcy court has approved the sale of 36 Nevada Bob’s specialty golf stores, 17 of which are being bought by Texas-based Tri-Capital Ventures.

Tri-Capital Ventures is headed up by Mark Gunderson, founder of the Arlington, TX-based Alien Golf, which has been renamed this year to Alien Sport. The remaining 19 specialty stores will be acquired by California-based New Golf Holding Co., owned by Richard Oldenburg, founder of Orlimar Golf.

There are four mores stores in the US and 11 in Canada that will be sold as part of a Chapter 11 reorganization, James Harder of BSMG Worldwide, told GlobeSt.com. The holiday week had inhibited getting additional information on the Nevada Bob bankruptcy and Tri-Capital takeover plans. Tri-Capital is acquiring eight stores in California, two in Kentucky and seven in Washington.

The transactions are being handled by The Ozer Group of Needham, MA, which has been retained as a restructuring consultant and agent for disposition of Nevada Bob stores. The purchasers have secured the right to use the world-famous Nevada Bob name as part of the buyouts. “There is still quite a bit of work to do. However, we are satisfied that these transactions will help position the company for emergence from bankruptcy as a franchiser and not a store operator” says David Peress, The Ozer Group’s managing director and general counsel.

At one point, the Nevada Bob’s chain, based in Calgary, Alberta, had 195 franchisees and 281 stores, totaling 1.1 million sf of retail space. At the start of the bankruptcy filed earlier this year in Canada, Nevada Bob’s portfolio had dwindled to 82 company-owned and 108 franchise operations worldwide. Nevada Bob’s corporate history shows a merger with Arlington-based GDF International in October 1999. GDF had been founded in January 1998, five months later taking control of Alien Golf. As a result of the convoluted business dealings, Alien Golf and Nevada Bob’s Pro Shop Inc. had owned 60% of the Nevada Bob parent entity. In addition to retail operations, Nevada Bob’s manufactures and distributes golf products and accessories through the branding of Alien Sport, Alien Golf’s new name.