Global Edition

 

MacGregor Golf announces recapitalization

12.25am 25th October 2007 - Corporate

MacGregor Golf Company, a leading global maker of innovative golf equipment and high performance outerwear, has completed a recapitalization led by three of its existing investors which will strengthen its balance sheet and provide significant resources for continued growth. Terms of the investment in privately-owned MacGregor Golf were not disclosed.

The existing investors who led the recapitalization are Sankaty Advisors, LLC, an affiliate of Bain Capital, LLC, entrepreneur and leading golf professional Greg Norman, and the Gordon P. Getty Family Trust, which is based in London.

MacGregor also announced that its current CEO, Barry Schneider, is leaving the company to spend more time with his family and pursue other business interests. “I have appreciated the opportunity to be associated with so many fine people these past nine years, and wish the company every success in the future,” said Schneider.

MacGregor has embarked on an immediate search for a new CEO. On an operating level, the management team remains unchanged. Suzy Biszantz and Dave Hall continue to lead the efforts for Greg Norman Collection, while Reid Gorman remains at the helm of MacGregor Golf North America, John Ennis runs MacGregor Golf Europe, and Makoto Tanaka heads MacGregor Golf Asia.

“This recapitalization positions MacGregor for sustained growth,” said Norman, who has been appointed chairman of the board of directors and will play an active role in the company’s development and marketing. “This is a very positive step for the company, and I look forward to helping unlock the true brand value that is embedded within MacGregor and Greg Norman Collection, and to achieving their full potential.”

“MacGregor is a company and brand with a strong global heritage and a unique position as an innovative user of advanced technologies that make playing golf more satisfying and fun,” said Stuart Davies, a managing director at Sankaty Advisors. “We look forward to working with Greg Norman and The Gordon Getty Family Trust to insure that the management team has the right resources to execute the company’s plan for continued growth.”

MacGregor Golf, one of the oldest golf companies in the world, has a 109-year history filled with innovation and PGA Tour success including a record 59 Majors.

Based in Albany, Georgia, MacGregor Golf uses the world’s most advanced technologies to create golf equipment that makes the game easier and more fun for all golfers. MACTEC drivers, fairway woods, hybrid utility woods, irons, wedges and Bobby Grace™ putters are marketed under the MacGregor brand.

Along with its apparel line Greg Norman Collection, MacGregor Golf offers a full line of high performance outerwear, featuring lightweight, soft, and quiet jackets and pants with 100% waterproof protection are marketed globally under the Tourney™ brand.

Greg Norman is a successful entrepreneur and one of the world’s leading golf professionals, having spent 331 weeks as the world’s number one ranked golfer. He is nicknamed “The Great White Shark”, or simply, “The Shark”. Built upon a unique combination of performance, luxury and style, Greg Norman Collection is a leading worldwide marketer of golf-inspired sportswear for men and women.

MacGregor Golf www.macgregorgolf.com

       

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