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CALIFORNIA / News and Insight on Business in the
Golden State
| THE STATE: AUTO PARTS

Stonington to Buy Global Motorsport

November 10, 1998| Bloomberg News

Global Motorsport Group Inc., the top independent parts distributor for Harley-Davidson Inc. motorcycles, agreed to be acquired by investment firm Stonington Partners for $158.1 million, or $19.50 a share, in cash and assumed debt. Morgan Hill-based Global Motorsport, which has been negotiating to sell the company for several months, said it accepted the offer to boost shareholder value. The company, which had sales of $122.7 million for the year ended in January, has about 500 employees. Global Motorsport shares rose $1.88 to close at $18.75 on Nasdaq. New York-based Stonington manages a $1-billion fund on behalf of corporate and public pension funds, private endowments and other financial institutions. Global Motorsport is the parent organization of an international group of motorcycle parts makers, including Custom Chrome Inc., the leading aftermarket supplier of Harley-Davidson parts and accessories.

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