Athletic retail seems to be a team sport. Last week, Dick's Sporting Goods (NYSE:DKS) announced it would acquire struggling rival Galyan's Trading (NASDAQ:GLYN). Last night, The Sportsman's Guide (NASDAQ:SGDE) entered into a $30 million transaction to acquire The Golf Warehouse.

Even as companies like Cabela's (NYSE:CAB) and Gander Mountain (NASDAQ:GMTN) are going public in a receptive market, it seems as if the hunting season is just getting started.

Sportsman's is an interesting entity. It has more than doubled since being singled out last year in our Hidden Gems newsletter. After strong growth last year, it would seem that the company would have no problem inching higher organically, but buying The Golf Warehouse makes perfect sense.

As a well-run catalog retailer of sporting goods, Sportsman's has embraced the Internet to the point where more than a third of the company's sales are now being generated online. The Golf Warehouse is actually an online retailer that sells discounted clubs and game-related gear on its site. It also launched a print catalog business two years ago.

Don't worry. Sportsman's isn't aiming at a bubble. managed a modest operating profit last year on $40 million in sales. The deal is also expected to be accretive to the bottom line. While the greens specialist is being purchased at 0.75 last year's sales (a tad higher than Sportsman's own multiple), it is still a reasonable price to expand the company's online presence through a proven player.

Not simply surviving but thriving against the big-box sporting goods players and discount department store chains like Wal-Mart (NYSE:WMT) and Target (NYSE:TGT) has meant good things for Sportsman's shareholders. Firing away at a distance from its consumer-direct model, the company has clear cost-saving advantages over its heavy-heeled competition. Buying at a fair price? That's just another way to land on the green.

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Longtime Fool contributor Rick Munarriz lives within walking distance of a few great golf courses, but he still has problems tackling the miniature putt-putt variety. He does not own shares in any companies mentioned in this story.