Duff & Phelps Advised Dover Saddlery in its Going-Private Transaction with Webster Capital
On July 1, 2015, Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multichannel retailer of equestrian products in the United States, completed a going-private, under which a company formed by Webster Capital has acquired all of the outstanding shares of Dover’s common stock for $8.50 per share in cash.
Webster has partnered with QIC, one of Webster’s largest institutional investors, to provide equity financing. The transaction represents a 70% premium over Dover’s pre-announcement share price of $5.00 on April 13, 2015.
Duff & Phelps acted as lead financial advisor to Dover Saddlery.
About Dover Saddlery
Dover Saddlery, Inc. (Nasdaq: DOVR) is the leading multichannel retailer of equestrian products in the United States. Founded in 1975 in Wellesley, Massachusetts, by United States Equestrian team members, Dover Saddlery has grown to become The Source® for equestrian products. Dover offers a broad and distinctive selection of competitively priced, brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery, Inc. serves the English rider and through Smith Brothers, the Western rider.
About Webster Capital
Founded in 2003, Webster Capital is a private equity firm with over $600 million of committed capital which invests in the branded consumer and healthcare services industries. Webster focuses on companies with transaction values in the range of $40 - $100 million. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital.
QIC is owned by the Queensland Government and is one of the largest institutional investment managers in Australia, with US$57.9 billion (as of December 31, 2014) in funds under management.