Global Edition

 

European Golf Brands On Par For Success

8.00am 21st February 2000 - Corporate - This story was updated on Thursday, June 17th, 2010

A complex deal has been driven through by Grant Thornton which has created European Golf Brands (EGB) as a market leader in the golf trolley hardware market. The deal consisted of a Buy-In Management Buy-Out (BIMBO) of Powakaddy International Limited followed by the acquisition of Hill Billy Powered Golf. Grant Thornton worked with Bank of Scotland Structured Finance, Close Investment Management and Taylor Vinters to support the deal.

Keith Mitchell, partner at Grant Thornton, Cambridge Corporate Finance comments, “The deal was rather unusual in that two sets of negotiations were taking place simultaneously with private owners and a significant PLC. It required double the input from all sides with rapid and decisive responses to challenges which arose throughout the project. Thanks to the dedication and skill of the whole team the project was a success for all involved.”

EGB, which is based in Kent and has outlets in the US, is a specialist provider of golf trolleys. Commenting on the deal, John de Graft-Johnson, managing director at EGB said, “These acquisitions are the first important steps in the establishment of EGB and immediately position us as an important player in the golfing market. We have a strong management structure which will ensure that our market share increases further and export opportunities grow. Grant Thornton worked closely with management throughout the deal and steered us through the many complex issues involved.”

       

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