Gander Mountain Buys Overton for $70M

St. Paul, Minn., Gander Mountain Co. said Thursday it bought Overton's Inc., a seller of water-sports equipment, for $70 million in cash.

Gander Mountain bought Greenville, N.C.-based Overton from private equity firm Linsalata Capital Partners. The deal included the repayment of an unspecified amount of Overton debt.

Overton's, which sells water skis, wakeboards and similar equipment online and through catalogs, had revenue of more than $90 million in 2006.

Gander financed the deal with a $24 million stock offering, a $40 million loan from Bank of America and funds borrowed through the company's credit facility.