American golf products manufacturer Dynamic Brands Inc has purchased the assets of Canadian golf cart maker Riksha Golf Inc. The value of the acquisition deal was not disclosed, according to Richmond Times Dispatch.
Dynamic Brands chief executive officer (CEO) Leighton Klevana said of the deal: "It's a relatively small deal, but it is an interesting one, and we are pretty excited about it."
The addition of Riksha allows Dynamic Brands to expand its product portfolio. Its existing brands include Bag Boy, Devant Sport Towels, and Burton. Dynamic Brands also wants to expand the international distribution network of Riksha, the report added.
Riksha Golf is currently headquartered in Calgary, Canada. The small company has invented a unique push golf cart called Riksha that has large wheels. The firm also markets golf cart accessories.
Many of Dynamic Brands' products are imported from Asia. With the acquisition of Riksha, the company will be able to move towards local manufacturing of its products. For now, the production in Canada will still go on, but the company will later on produce Riksha carts in its Monroe factory, Richmond Times Dispatch reported.
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