Wednesday, January 27, 2016

Austin Canoe & Kayak Acquired By Summit Sports

Austin-based sporting goods retailer Austin Canoe & Kayak--which has both an e-commerce and bricks and mortar business--has been acquired and merged with fellow sports retailer Summit Sports, the two said Tuesday, backed by funding from Digital Fuel Capital. According to the companies, they have merged into Summit Sports LLC, which now owns e-commerce sites Skis.com, InlineSkates.com, Snowboards.com, WaterOutfitters.com, CampGear.com, AustinKayak.com, and RackBoys.com, in addition to ACK's retail stores in Texas. Financial terms of the acquisition were not announced. Summit Sports said that it also received financing from Bay Capital Partners, Eagle Private Capital, MB Financial and Pine Street Capital as part of the deal. Peter and Steve Messana, who founded ACK ten years ago, have joined Summit Sports and continue to hold equity in the combined firm.