The Manchester office of Endless, the mid-market private equity investor, has completed the acquisition of Europe’s largest golf retailer, American Golf, which has been owned by Sun European Partners since 2012.
The deal includes 112 of the 132 American Golf retail stores across the UK and Eire, the Americangolf.co.uk and Onlinegolf.co.uk websites and safeguards the jobs of over 900 employees in stores and at the Head Office in Warrington.
American Golf was established in 1970 and has a turnover of approximately £140 million. It provides a comprehensive range of golf clubs, equipment, shoes and clothing and employs over 50 PGA professionals and 20 Master Fitters who provide custom fitting services and specialist in-store advice.
It is less than one month since American Golf opened a flagship store in Galway.
The deal was led by Endless Manchester Partner Tom Jack and Investment Director Richard Harrison, both of whom will join the American Golf Board.
Mike Ashley’s Sports Direct and JD Sports Fashion were among the parties which are believed to have expressed an interest in buying American Golf, which sells well-known brands such as Callaway, TaylorMade, Titleist and Wilson
Tom Jack said: “American Golf holds a unique position as the UK’s golf market leader and has been providing specialist expertise to its loyal customer base for over 45 years. We believe this is a business with fantastic potential and we’re delighted to be able to protect the employment of over 900 employees as a result of this acquisition.”
American Golf will honour valid gift cards and outstanding customer orders. Jack added “We look forward to welcoming American Golf’s loyal customers and working with global golf brands to provide an unparalleled destination golfing experience.”
The investment is the latest from Endless’ £525m Fund IV and follows previous retail investments such as Bathstore and The Works, which was listed on the London Stock Exchange in July 2018.
Daniel Smith, Deloitte Partner, commented “I am delighted that the sale of the business which we have completed today has safeguarded over 900 jobs. We appreciate the support of management and all employees in achieving this aim and wish them well for the future.”
Endless was advised by law firm Addleshaw Goddard, led by partner Ged Barnes together with Sarah Foster, Calum Redhead, John Duffy, James Davison and Charlotte Read. Tax advice was provided by Steven Heath and Nilesh Patel at KPMG.
The Deloitte team included Daniel Smith, Daniel Butters, Andy Westbrook, Rick Harrison, Rhys Davies and Peter Mackie. Legal advice to the Company and the Joint Administrators was provided by Colin Ashford and Richard Obank of DLA Piper.
Endless LLP is a UK based transformational private equity investor. Endless looks to support buyouts, non-core acquisitions from larger groups, turnarounds and financial restructurings.