NEW YORK, NY – (10/03/16) Summit Golf Brands is pleased to announce the completion of concurrent financial transactions that both restructured its balance sheet and raised new growth capital.
Commenting on the transactions, the company’s President and CEO, Chad Delp, said, “In order to continue the growth we have seen in our business over the last two years, all of our stakeholders agreed we needed to give Summit Golf Brands a more solid financial platform. By converting all of our outstanding subordinated debt into common equity and simultaneously raising several million dollars of new equity capital, we have accomplished this goal and put the company in a strong position for future growth.” He further added, “Among other things, these transactions enable us to continue expanding our leadership team and strengthening our sales force as we have done in recent months. The additional capital also allows us to move forward with some strategic initiatives we have been working on for a while. In short, our ability to close these transactions was a direct result of hard work by the entire Summit Golf Brands team over the last two years and I am excited about what the future holds for all of us!”
Jack Lessing, EVP Head of Sales added, “I am extremely excited about the completion of these transactions. We are positioned to take this company to the next level and cement ourselves as the most authentic apparel company in golf.”
Summit Golf Brands is an apparel company that owns Fairway & Greene, Zero Restriction, EP Pro, EP Sport, and B. Draddy.
Follow Summit Golf Brands on the web via: www.summitgolfbrands.com.
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