Motocaddy, the world’s top-selling brand of powered golf trolleys, has sold a majority stake in the company to a private investment group in a move designed to expand the business further on a global scale. The quoted price for the deal is £22 million.
The Hertfordshire-based company formed 15 years ago retains its senior management team, while the Ethos Partners private investment group is strengthening the Board with the introduction of former KPMG Chartered Accountant Brian Phillips as the new Chairman.
Led by Chief Executive John Helas, who joined Motocaddy last year from the Black & Decker group, the executive team includes Neil Parker in the role of Sales Director and Paul Straker as Product Development Director. Marketing remains under the stewardship of Oliver Churcher and Steve Morris continues to manage sales across the UK & Ireland.
After more than a decade with Motocaddy and 30 years in the golf trolley industry, former Chairman David Wells is stepping down from the business in January along with former Managing Director Tony Webb, who both retain non-executive roles during this transition period.
“Ethos Partners have an impressive record of investing in profitable companies that are primed for bigger things and Motocaddy fits that profile perfectly with our emphasis on new technology,” said Helas.
“This new injection of investment enables us to consolidate our established business in Europe, while being in a stronger position to expand on a global scale. It puts us in a great position to move forward, based on our successful business model – innovation, reliability and offering value for money to help golfers enjoy the game more and play for longer,” he added.
Sandy Farmer, Partner at Ethos, commented: “The team at Motocaddy have successfully built an internationally recognised consumer brand, which is underpinned by the quality of its product, innovation and people. We believe the business is well placed to continue to expand internationally across existing markets and elsewhere.”
Motocaddy reported sales of £19.4m in 2018. It employs 40 people and exports electric golf trolleys — priced between £500 and £1,200 — to Europe and many other golf-playing markets around the world. Its most recent product introduction was the luxury M-TECH compact model.
The brand offers a wide range of trolley options from remote control to streamlined push models and was the first to introduce Lithium batteries, USB ports, GPS technology, Downhill Control, plus product trade-in and recycling. Its entry-level S1 model – first introduced in 2006 – is the world’s most popular electric trolley and a multi-award winner. Motocaddy also holds the largest market share for cart bags sold in the UK.