Cabela's Expands into Canada with S.I.R. Warehouse Acquisition
Cabela’s Incorporated, (NYSE: CAB), recently announced that it will acquire S.I.R. Warehouse Sports Store, a Winnipeg, Canada-based retailer of hunting, fishing, camping and outdoor merchandise. Founded in 1924 by Sydney Isaac Robinson, S.I.R. has grown into one of Canada’s leading outdoor outfitters through its mail-order operation and 44,000-square-foot retail store in Winnipeg. A family-owned and operated business, S.I.R is headed by Earl Robinson, son of the company’s founder, who serves as president.
According to Dennis Highby, Cabela’s President and CEP. “This acquisition will allow us to accelerate growth of our retail, catalog and Internet business in Canada, and though we already have a loyal customer base in Canada, we expect significant growth in Canadian business as a result of this transaction.”
Cabela’s, founded in 1961, has a similar family-oriented history and tradition. Dick Cabela and his brother, Jim, built the company from a small mail-order operation to a world-wide multi-channel retail operation, selling merchandise through mail-order, a Web site and a growing chain of destination retail stores. Cabela’s went public on the New York Stock Exchange in 2004. Cabela’s currently has thousands of catalog and Internet customers in Canada, but this would be its first Canadian retail operation. The purchase price has not been disclosed.
