<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 3
Gander Mountain, Inc.
-----------------------------------------
(Name of Issuer)
Common Stock, par value $0.01
-----------------------------------------
(Title of Class of Securities)
364 719 104
-----------------------------------------
(CUSIP Number)
David J. Greenwald, Esq.
Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004
(212) 902-1000
----------------------------------
(Name, address and telephone number of person authorized
to receive notices and communications)
February 3, 1997
-----------------------------------------
(Date of Event which requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b) (3) or (4), check the following box: ______
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- -----------------------
CUSIP NO.
364 719 104
- -----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Goldman, Sachs & Co.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a)
----
(b) _____
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
----------
- --------------------------------------------------------------------------------
6. Citizenship or place of Organization
New York
- --------------------------------------------------------------------------------
Number of 7 Sole Voting Power
Shares
Beneficially -0-
Owned By ----------------------------
Each 8 Shared Voting Power
Reporting -0-
Person With ----------------------------
9 Sole Dispositive Power
-0-
----------------------------
10 Shared Dispositive Power
-0-
----------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
-0-
- -----------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
_______
- -----------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.0%
- -----------------------------------------------------------------
14. Type of Reporting Person
BD-PN-IA
- -------------------------------------------------------------------------
Page 2
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CUSIP NO.
364 719 104
- -----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Goldman Sachs Group, L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a)
----
(b) _____
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
-----------
- --------------------------------------------------------------------------------
6. Citizenship or place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of 7 Sole Voting Power
Shares -0-
Beneficially ----------------------------
Owned By 8 Shared Voting Power
Each -0-
Reporting ----------------------------
Person With 9 Sole Dispositive Power
-0-
----------------------------
10 Shared Dispositive Power
-0-
----------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
-0-
- -----------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
_______
- -----------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.0%
- -----------------------------------------------------------------
14. Type of Reporting Person
HC-PN
- ----------------------------------------------------------------------
Page 3
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_____________________
CUSIP NO.
364 719 104
- -----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
GS Advisors, L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a)
----
(b)
----
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
-----------
- --------------------------------------------------------------------------------
6. Citizenship or place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of 7 Sole Voting Power
Shares
Beneficially -0-
Owned By ----------------------------
Each 8 Shared Voting Power
Reporting -0-
Person With ----------------------------
9 Sole Dispositive Power
-0-
----------------------------
10 Shared Dispositive Power
-0-
----------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
-0-
- -----------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
_______
- -----------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.0%
- -----------------------------------------------------------------
14. Type of Reporting Person
PN
- -----------------------------------------------------------------
Page 4
<PAGE>
- ----------------------
CUSIP NO.
364 719 104
- -----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
GS Capital Partners, L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a)
----
(b)
----
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
---------
- --------------------------------------------------------------------------------
6. Citizenship or place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of 7 Sole Voting Power
Shares
Beneficially -0-
Owned By ----------------------------
Each 8 Shared Voting Power
Reporting -0-
Person With ----------------------------
9 Sole Dispositive Power
-0-
----------------------------
10 Shared Dispositive Power
-0-
----------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
-0-
- -----------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
________
- -----------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.0%
- -----------------------------------------------------------------
14. Type of Reporting Person
PN
- -----------------------------------------------------------------
Page 5
<PAGE>
AMENDMENT NO. 3 TO
SCHEDULE 13D
RELATING TO THE COMMON STOCK
OF GANDER MOUNTAIN, INC.
This Amendment No. 3 is the final amendment to the Statement on Schedule 13D
as most recently amended on May 18, 1994 (the "Schedule 13D") filed by GS
Capital Partners, L.P. ("GSCP"), GS Advisors, L.P. ("GS Advisors"), Goldman
Sachs & Co. ("Goldman Sachs") and The Goldman Sachs Group, L.P. ("GS Group" and
together with GSCP, GS Advisors and Goldman Sachs, the "Filing Persons")/1/,
relating to the Common Stock, par value $0.01 per share (the "Common Stock"), of
Gander Moutain, Inc., a Wisconsin corporation (the "Company"), which is issuable
upon conversion of the Series A Cumulative Convertible Exchangeable Preferred
Stock, par value $0.10 per share (the "Series A Preferred Stock"), of the
Company. All capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Schedule 13D.
This Amendment No. 3 is being filed to amend Items 4, 5, 6 and 7 of the
Schedule 13D as set forth below to reflect the sale of all of the shares of
Common Stock beneficially owned by the Filing Persons.
1. Item 4 of the Schedule 13D is hereby amended to add the following:
As of January 16, 1997, GSCP and the other Limited Partnerships entered
into a Stock Purchase Agreement (the "Stock Purchase Agreement") with Holiday
Gander Acquiring L.L.C. pursuant to which GSCP and each of the other Limited
Partnerships agreed to sell all of the shares of Series A Preferred Stock owned
by it for an aggregate purchase price of $850,000 (the "Sale"). A copy of the
Stock Purchase Agreement is attached as Exhibit 8 hereto and is incorporated
herein. The closing of the Sale under the Stock Purchase Agreement occurred on
February 3, 1997 and, as a result, the Filing Persons no longer beneficially own
any shares of Common Stock. The purpose of the transaction was to facilitate
distributions to be made to the holders of Series A Preferred Stock pursuant to
the Company's Second Amended Joint Plan of Reorganization, dated December 16,
1996.
2. Item 5(a) of the Schedule 13D is hereby amended to add the following:
As a result of the closing of the Sale and the disposition by GSCP and
the other Limited Partnerships of the shares of Series A Preferred Stock owned
by each of them, the Filing Persons no longer have any beneficial ownership or
interest in, the Common Stock or any other securities of the Company.
3. Item 5(b) of the Schedule 13D is hereby amended to add the following:
As a result of the closing of the Sale and the disposition by GSCP and
the other Limited Partnerships of the shares of Series A Preferred Stock owned
by each of them, the Filing Persons no longer have any sole or shared power to
vote or dispose of the Common Stock or any other securities of the Company.
4. Item 5(c) of the Schedule 13D is hereby amended to add the following:
Other than the Sale, there have been no transactions by the Filing
Persons in the Common Stock during the past sixty days.
5. Item 5(e) of the Schedule 13D is hereby amended to add the following:
At the time of the closing of the Sale on February 3, 1997, each of the
Filing Persons ceased to be the beneficial owner of more than five percent of
the outstanding Common Stock, as described above.
6. Item 6 of the Schedule 13D is hereby amended to add the following:
As of January 16, 1997, GSCP and the other Limited Partnerships entered
into the Stock Purchase Agreement pursuant to which GSCP and each of the other
Limited Partnerships agreed to sell all of the shares of Series A Preferred
Stock owned by it for an aggregate purchase price of $850,000. A copy of the
Stock Purchase Agreement is attached as Exhibit 8 hereto and is incorporated
herein. The closing of the Sale under the Stock Purchase Agreement occurred on
February 3, 1997 and, as a result, the Filing Persons no longer beneficially
own any shares of Common Stock.
7. Item 7 of the Schedule 13D is hereby amended to add the following:
8. Stock Purchase Agreement
- ---------------
/1/ Neither the present filing nor anything contained herein shall be construed
as an admission that any Filing Person constitutes a "person" for any purpose
other than Section 13(d) of the Securities Exchange Act of 1934, or that the
Filing Persons constitute a "group" for any purpose.
6
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth is true, complete and correct.
Dated: February 7, 1997
GOLDMAN, SACHS & CO.
By:/s/ Richard A. Friedman
----------------------------------------
Name: Richard A. Friedman
Title: Managing Director
THE GOLDMAN SACHS GROUP, L.P.
By: The Goldman Sachs Corporation, its
general partner
By: /s/ Richard A. Friedman
-----------------------------------------
Name: Richard A. Friedman
Title: Executive Vice President
GS ADVISORS, L.P.
By: GS Advisors, Inc., its general partner
By: /s/ Richard A. Friedman
----------------------------------------
Name: Richard A. Friedman
Title: President
GS CAPITAL PARTNERS, L.P.
By: GS Advisors, L.P., its general partner
By: GS Advisors, Inc., its general partner
By: /s/ Richard A. Friedman
-----------------------------------------
Name: Richard A. Friedman
Title: President
<PAGE>
STOCK PURCHASE AGREEMENT
This Agreement is dated as of January 16, 1997, by and between Holiday
Gander Acquiring L.L.C., Inc. ("Holiday") and GS Capital Partners, L.P. ("GS"),
Stone Street Fund 1993, L.P., Bridge Street Fund 1993, L.P., Stone Street Fund
1994, L.P. and Bridge Street Fund 1994, L.P. (collectively, the "Sellers").
RECITALS
--------
A. Each Seller is the holder of the number of shares of Gander
Mountain, Inc. Series A Redeemable, Cumulative, Convertible, Exchangeable
Preferred Stock, $0.10 par value (the "Stock") set forth opposite such Seller's
name on the signature pages hereto.
B. Gander Mountain, Inc. and its subsidiaries, GRS, Inc. and GMO, Inc.
(collectively, the "Debtors"), are Chapter 11 debtors-in-possession under the
jurisdiction of the United States Bankruptcy Court for the Eastern District of
Wisconsin (the "Bankruptcy Court") in cases 96-26478-RAE, 96-26479-RAE and 96-
26480-RAE, respectively. The Debtors have filed a Second Amended Joint Plan of
Reorganization, dated December 16, 1996 (the "Plan"), which is scheduled for a
confirmation hearing in Milwaukee, Wisconsin on January 23, 1997. The Plan
provides, among other things, for a sale of the Debtors' assets to Holiday and
cancellation of all outstanding equity interests in exchange for certain
payments to the holders. GS has filed certain objections to confirmation of the
Plan.
C. Holiday has offered to purchase, and each Seller is willing to sell,
the Stock on the terms and conditions set forth below.
AGREEMENT
---------
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is acknowledged by
the parties, Holiday and each Seller agrees as follows:
1. Each Seller represents and warrants that it is the holder of the
number of shares of Stock set forth opposite such Seller's name on the signature
pages hereto.
2. On the "Effective Date" of the Plan (as defined therein), or any
modified plan of reorganization for the Debtors acceptable to Holiday and GS,
each Seller shall sell and assign, and Holiday shall purchase and accept,
without recourse and without
<PAGE>
representations or warranties of any kind, except as specifically contained in
this Agreement, all of such Seller's right, title and interest in and to the
Stock owned by it.
3. The aggregate purchase price to be paid by Holiday to the Sellers for
the Stock shall be EIGHT HUNDRED FIFTY THOUSAND DOLLARS AND NO/100 ($850,000.00)
(the "Purchase Price"), in immediately available funds, which funds shall be
wired transferred to the account of, or for the benefit of, each Seller (or its
designee) as follows:
Chase Manhattan Bank, N.A., ABA#021-000-021
For the account of Goldman, Sachs & Co.
Account No. _________
Each Seller acknowledges that receipt of the Purchase Price shall constitute
payment in full for the Stock and that Holiday, upon payment of the Purchase
Price, shall be entitled to any distribution made on account of the Stock under
the Plan, or any modified plan. In the event a distribution is made to any
Seller, as holder of record on the "Confirmation Date," such Seller shall
promptly remit the distribution to Holiday. Notwithstanding the foregoing,
nothing herein shall assign, transfer or otherwise affect any other claims of
the Sellers as reflected on the Debtors' schedules or any timely filed Proof of
Claim filed in the Bankruptcy Court.
4. Each Seller represents and warrants that it has good title to the
Stock owned by it, and that its interest will be transferred free and clear of
any security interests, liens or other encumbrances, and that it has the right
and authority to sell the Stock owned by it. GS further represents that it has
filed a ballot as a holder of a "Class Six" interest under the Plan accepting
the Plan and that it will, prior to the hearing on confirmation of the Plan,
withdraw its objections to confirmation of the Plan.
5. Each Seller agrees to execute and deliver such additional documents
of assignment or endorsement as Holiday may reasonably request to carry out the
terms and conditions of this Agreement.
6. This Agreement contains the complete agreement of the parties with
respect to the purchase and sale of the Stock. This Agreement may not be
modified or amended except by a writing signed by the parties. This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York.
7. This Agreement may be executed in counter-parts.
-2-
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly authorized and executed as of January 16, 1997.
HOLIDAY GANDER ACQUIRING L.L.C.
By /s/
-----------------------------
Its Assistant Secretary
------------------------
GS CAPITAL PARTNERS, L.P. Number of Shares
----------------
By: GS Advisors, L.P., general partner
of GS Capital Partners, L.P.
170,000
By: GS Advisors, Inc. general partner
GS Advisors, L.P.
By: /s/
---------------------------
Name
Title
STONE STREET FUND 1993, L.P.
By: Stone Street Resource Corp.,
its general partner 7,089
By: /s/
-----------------------------
Name:
Title:
BRIDGE STREET FUND 1993, L.P.
By: Stone Street Resource Corp.,
its managing general partner
7,911
By: /s/
-----------------------------
Name:
Title:
-3-
<PAGE>
STONE STREET FUND 1994, L.P,
By: Stone Street Funding Corp,
its general partner 7,327
By: /s/
-------------------------------
Name
Title
BRIDGE STREET FUND 1994, L.P.
By: Stone Street Funding Corp.,
its managing general partner 7,673
By: /s/
-------------------------------
Name:
Title:
-4-
