Golf Galaxy, Inc. Completes Initial Public Offering of Common Stock

8/3/2005

EDEN PRAIRIE, MN - Golf Galaxy, Inc. (Nasdaq: GGXY) completed its initial public offering with the sale of 3.95 million shares at $14.00 per share. GGXY is a specialty retailer of branded golf equipment and apparel with a national footprint of 45 superstores in 19 states. GGXY used the proceeds from the offering to fund an accrued dividend payable to its institutional investors and support its future store growth. Primus received cash related to the dividend payment and also sold 334,000 shares as part of the offering.

Founded in 1983, Primus is a private equity firm established to invest in growth capital opportunities, recapitalizations and management-led buyouts. Primus typically invests between $10 million and $25 million per transaction targeting companies with proven business models and superior growth prospects. Although experienced in a number of industries, Primus places an increased emphasis on the business services, healthcare, for-profit education and communication sectors. Primus is comfortable in making control and minority investments, as well as using financial leverage in a transaction, where appropriate.