Equestrian products retailer Dover Saddlery has merged with a company formed by Webster Capital, a private equity firm in Waltham. The merger brings the Littleton company private.
Dover Saddlery shareholders will receive $8.50 per share in cash, and all in-the-money stock options and warrants will be cashed out, the company said last week in announcing the merger.
“We are very pleased with the result we achieved for our shareholders. We are also excited about the prospects for Dover to work with Webster Capital,” Stephen L. Day, CEO and president of Dover Saddlery, said in a statement.
Day said Webster’s consumer experience will help Dover grow its retail store base and pursue other expansion plans.
“Webster will support Dover’s strategy to increase accessibility and variety of product offerings for equestrian enthusiasts nationwide,” Donald Steiner, managing partner of Webster Capital, said in the statement. Webster Capital, founded in 2003, focuses on companies with transaction values in the range of $30 to $200 million.
