Steve DeWalle, owner of J.T. Spencer, has bought Reel Point. Both companies make embroidered belts for golfer.
Credit: J.T. Spencer
A local golf retail and wholesale company has gone from the putting green to the closing table.
Henrico-based J.T. Spencer, which specializes in making belts for golfers and country clubs, last week acquired Reel Point, a Long Island, New York-based company of a similar type.
Founded in 2013, Reel Point, like J.T. Spencer, makes embroidered belts for golfers.
J.T. Spencer owner Steve DeWalle said the deal was driven in part by his desire to capitalize on Reel Point’s reach in the Northeast.
“They have good market penetration in the New York metro area,” DeWalle said. “They have good accounts that dovetailed well with what we do.”
One of those accounts is Winged Foot Golf Club, a course in New York that has hosted the U.S. Open.
“It’s a marquee club and they had a great relationship with them,” DeWalle said. “Our sales reps will take over selling their other accounts that we wanted.”
Locally, J.T. Spencer makes belts for Kinloch Golf Club and The Country Club of Virginia, and is a licensed manufacturer for men’s retailer Peter Millar.
DeWalle said acquisition talks began in March and the deal closed July 19. Terms were not disclosed.
The Reel Point name and brand will be dissolved on Aug. 1 and its operations will come under the J.T. Spencer brand. Reel Point’s products are in over 250 shops across the United States, Ireland, Australia and New Zealand.
DeWalle said Reel Point has a smaller market share than J.T. Spencer, but being in such a niche industry, he had to jump on the chance when it came.
“There are not a lot of opportunities for an acquisition like this,” DeWalle said.
Brian Richardson of newly formed Richmond law firm Ford Richardson represented J.T. Spencer in the acquisition.
The company has an office and production area at 7921 W. Broad St., though DeWalle said they’ll be moving to a new facility in the Richmond area in October.
“We’ve been cruising along. It’s been a great season. Business is up over 30 percent year todate,” DeWalle said.
J.T. Spencer expanded in other ways earlier this year, when it began selling golf club head covers.
Steve DeWalle, owner of J.T. Spencer, has bought Reel Point. Both companies make embroidered belts for golfer.
Credit: J.T. Spencer
A local golf retail and wholesale company has gone from the putting green to the closing table.
Henrico-based J.T. Spencer, which specializes in making belts for golfers and country clubs, last week acquired Reel Point, a Long Island, New York-based company of a similar type.
Founded in 2013, Reel Point, like J.T. Spencer, makes embroidered belts for golfers.
J.T. Spencer owner Steve DeWalle said the deal was driven in part by his desire to capitalize on Reel Point’s reach in the Northeast.
“They have good market penetration in the New York metro area,” DeWalle said. “They have good accounts that dovetailed well with what we do.”
One of those accounts is Winged Foot Golf Club, a course in New York that has hosted the U.S. Open.
“It’s a marquee club and they had a great relationship with them,” DeWalle said. “Our sales reps will take over selling their other accounts that we wanted.”
Locally, J.T. Spencer makes belts for Kinloch Golf Club and The Country Club of Virginia, and is a licensed manufacturer for men’s retailer Peter Millar.
DeWalle said acquisition talks began in March and the deal closed July 19. Terms were not disclosed.
The Reel Point name and brand will be dissolved on Aug. 1 and its operations will come under the J.T. Spencer brand. Reel Point’s products are in over 250 shops across the United States, Ireland, Australia and New Zealand.
DeWalle said Reel Point has a smaller market share than J.T. Spencer, but being in such a niche industry, he had to jump on the chance when it came.
“There are not a lot of opportunities for an acquisition like this,” DeWalle said.
Brian Richardson of newly formed Richmond law firm Ford Richardson represented J.T. Spencer in the acquisition.
The company has an office and production area at 7921 W. Broad St., though DeWalle said they’ll be moving to a new facility in the Richmond area in October.
“We’ve been cruising along. It’s been a great season. Business is up over 30 percent year todate,” DeWalle said.
J.T. Spencer expanded in other ways earlier this year, when it began selling golf club head covers.