Concourse Sports LLC has reached an agreement to acquire Team Express Inc., which filed for bankruptcy protection in mid-December. Concourse will act as the stalking horse bidder in the case and may be outbid at an auction set for May 4.
Qualified bids are due on May 2. Team Express will earn a break-up fee for its efforts if it is outbid. According to court documents, the purchase price is expected to be up to $12 million, including $6 million in cash at closing.
Team Express, founded in 1990, operates one store in San Antonio but does the bulk of its business through its Team Express catalog as well as number of websites: teamexpress.com, baseballexpress.com, softball.com, basketballexpress.com, footballamerica.com and lacrosseexpress.com.
Concourse Sports owns a number of e-commerce sites, including Reds Gear, Softball Fans, Upland Gifts, Knife Hogs and Hardball Fans.
Information on the case is here: http://www.upshotservices.com/teamexpress
