Evansville-based Escalade Sports has acquired the assets of American Heritage Billiards, a retailer of pool tables and game room furniture that abruptly closed in June. According to published reports, Ohio-based AHB owed $10.5 million in unpaid secured and unsecured debt.
Its assets were placed into receivership in July and subsequently liquidated.
Escalade says it agreed to pay a gross purchase price of $1.55 million, which was paid in cash at closing.
A subsidiary of Escalade Inc. (Nasdaq: ESCA), Escalade Sports is manufacturer and distributor of a variety of sporting goods, including basketball goals, archery, and fitness products.
It also has a billiards accessory business called Cue & Case.
“We are pleased to add the iconic American Heritage brand to our portfolio of game room and home recreation brands,” said Scott Sincerbeaux, president and chief executive officer of Escalade Inc. “As we look to accelerate our presence in the billiards industry, we will combine the American Heritage Billiards and Cue & Case business lines and have already recruited new leadership to support our aggressive growth expectations while providing a clear path to value creation.”
The American Heritage Billiards website states the company shut down operations, closed its retail stores, and terminated all employees on June 25. One week later, the company and its assets were placed into receivership.
“Unfortunately, the assets are being liquidated at a substantial loss and there will be no funds available to pay unsecured creditors and other trade vendors, installers, or customers who have made cash deposits for orders,” stated the AHB website.
Prior to its closure, AHB operated five retail stores in the Maryland-Virginia-Washington DC area. Escalade says its acquisition does not include the brick and mortar stores.
In addition to the gaming equipment, Escalade has also acquired all intellectual property of the American Heritage business line, including customer and vendor lists, trademarks, domain names and social media accounts.