Golden Bear International, Inc., a business owned by Jack W. Nicklaus and his family, and New York Private Bank & Trust have announced the formation of the Nicklaus Companies LLC.
Upon its formation, Nicklaus Companies LLC acquired the Nicklaus group of businesses: Nicklaus Design, Nicklaus Marketing, and Nicklaus Golf Equipment, and, at the same time, received a $145 million investment from New York Private Bank & Trust.
The investment by NYPB&T provides the Nicklaus family with a long-term partner with significant financial strength and a proven track record of successfully building closely held businesses.
Jack Nicklaus will continue as Chief Executive Officer and Chairman of the board of Nicklaus Companies LLC, and the Nicklaus family will retain control of Nicklaus Companies LLC through a majority ownership interest in the company.
“We set out to find a like-minded partner who could help us achieve our strategic goals for growth,” Jack Nicklaus said. “Although our company has enjoyed tremendous success over recent years, we wanted a partner that could help us realize the full potential of our brands and branded businesses.
“We were also looking for a partner that could best help us institutionalize our businesses so that they continue to prosper and grow well beyond my lifetime. After a thorough search, we are very pleased to announce this transaction and are excited about the future of our partnership with Howard Milstein and his talented team at New York Private Bank & Trust.”
Howard Milstein, Chairman and CEO of NYPB&T, said, “Jack Nicklaus is renowned throughout the world for his singular achievements as a golfer and sportsman, including acclamation as the greatest individual athlete of the 20th century. Jack has brought the same talent, drive, discipline and judgment to bear in creating the outstanding businesses that comprise the Nicklaus Companies. It is both an honour and an outstanding opportunity to become partners with Jack and his family in continuing to build the Nicklaus Companies.”
Nicklaus Companies LLC has three primary operating businesses:
Nicklaus Design, the world’s premier golf course design firm in the world with 315 courses open for play in 30 countries and 38 states, which after setting a new benchmark in contracts signed in each of the last five years, has in excess of 140 projects under construction or under development in 37 different countries.
Nicklaus Marketing, which licenses the various brands and images of NICKLAUS and the Golden Bear, and markets the personal endorsement of Jack Nicklaus;
Nicklaus Golf Equipment Company, which designs, assembles and markets a full line of high-quality golf clubs and related accessories.
New York Private Bank & Trust is the largest privately held bank in the United States and, through various affiliates, has investments in a broad range of financial and operating businesses. Howard Milstein is the chairman and CEO of New York Private Bank & Trust, which is wholly owned by his family.
Jack Nicklaus www.nicklaus.com