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Dover Saddlery
About the Company
Founded in 1975 by Jim and David Powers, veterans of the U.S. Equestrian Team’s three-day event squad who competed at the 1972 Olympics, Dover Saddlery (“Dover” or the “Company”) grew from a single shop in Wellesley, Massachusetts into the leading specialty retailer of English riding apparel and equipment in the United States. Headquartered in Littleton, Massachusetts, the Company built its position as “The Source for English Riding Apparel & Tack” over five decades, serving riders across every discipline and level through retail stores, a leading e-commerce platform, catalog, and wholesale channels.
has sold its brand, e-commerce platform, and related intellectual property assets to a family-owned equestrian retailer
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Situation
Following a leveraged buyout in 2022, Dover faced softening demand and compressed margins post-COVID boom, resulting in a capital structure that no longer fit the business. Amid defaults on the Company’s secured debt, and with liquidity dwindling, the Company engaged G2 to pursue a sale process to find a new owner for Dover and maximize recovery for Dover’s stakeholders.
Engagement
G2 Capital Advisors (“G2”) was engaged to serve as both Dover’s investment banker to lead a sale process, and financial advisor, including the appointment of a Chief Restructuring Officer (“CRO”), to assist with managing liquidity and operational transition. These coordinated efforts provided an integrated solution across the Company’s financial, operational, and transaction needs, ensuring Dover was marketed and operated in a value maximizing way.
Outcome
Dover closed the sale of the brand, e-commerce platform, trademarks and other intellectual property to a multigenerational, family-owned equestrian retailer, ensuring the beloved equestrian brand would continue in a new permanent home poised for future growth. The transaction sets Dover up for a new chapter with a renewed focus on the quality products, service, and community support that have defined the Company for decades.
“Dover was a company worth saving, and we needed to find a solution to the mounting financial obligations and constrained balance sheet that put the company in a tough position. The CRO team worked tirelessly to find liquidity, staying flexible, and focused to enable this transaction. Closing with our lender’s support is a testament to a successful process.” said G2 Managing Director Rob Ramirez.
Dover independent Board member Ivona Smith added: “When G2 stepped in, the realistic alternative for these assets was that they simply disappeared entirely. Instead, Dover’s brand and fifty-year legacy will live on. The G2 team ran a disciplined process under tremendous constraints, kept the stakeholders aligned throughout, and most importantly, delivered results.”
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