Dover Saddlery Announces Acquisition of Dominion Saddlery
Equestrian News Release
LITTLETON, MA -- (MARKET WIRE) -- June 30, 2006 -- Dover Saddlery Retail, Inc., a wholly-owned subsidiary of Dover Saddlery (NASDAQ: DOVR) ("Dover Saddlery"), announced today that it has acquired all of the capital stock of Dominion Saddlery, an equestrian products company with four retail stores located in Virginia and Maryland. The locations are Chantilly, Lexington and Charlottesville, Virginia and Crofton, Maryland. The net purchase price for the acquisition was $1.5 million, subject to customary adjustments.
"As the largest retailer of equestrian products in the Virginia-Maryland market we found Dominion Saddlery to be an attractive acquisition. We were pleased to find that three of its four store locations were identified by our store optimization model as including two A locations and one C location," said Stephen L. Day, CEO and President of Dover Saddlery. "This acquisition will bring the number of Dover Saddlery retail stores in the very significant Mid-Atlantic market to a total of five, including our recently announced store in the Hunt Valley region of Maryland, due to open in the fall of 2006."
Between third-quarter 2006 and first-quarter 2007 the Dominion Saddlery retail stores will be successively closed, refurbished, remerchandised and then re-opened under the Dover Saddlery brand name. The finest selection of English riding apparel and tack for which Dover Saddlery is renowned will be attractively merchandized and easy to shop. Further details of the transition will be made available on http://www.DoverSaddlery.com
About Dover Saddlery, Inc.
Dover Saddlery, Inc. (NASDAQ: DOVR) is the largest direct marketer 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. The Source®, Dover Saddlery® and Smith Brothers® are registered marks of Dover Saddlery.
For more information, please call 1-978-952-8062 or visit http://www.DoverSaddlery.com.
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