Foresight makes six-times return on sale of Manchester-based golf business
Private equity firm Foresight Group has sold the UK’s largest independent online retailer of golf equipment, Clubhouse Golf, to European ecommerce business, all4golf.
Clubhouse has found a strong strategic partner in all4golf, and together they will look to become the pan-European market leader for golf equipment.
This represents the first exit for the GBP58 million Foresight Regional Investment fund, which supports small businesses in the North West of England and North Wales and which, since launch in 2016, has invested in 15 companies to date.
Since the fund made its original investment in February 2017, Clubhouse has more than doubled its revenue to almost GBP30 million, with strong growth in the UK and a successful expansion into the European market. During the last three years the business has launched a new website and delivered an effective marketing strategy through social media channels. The company has increased staff numbers by 50 per cent since Foresight’s investment, making a positive social impact in the local area.
This successful exit, terms of which are undisclosed, delivered six times return for the fund’s investors. It represents the fourth successful realisation by Foresight’s Private Equity team in the last 12 months, making it of the most active SME investors in the UK market.
Ben Reeves, CEO of Clubhouse Golf, says: “Foresight has supported Clubhouse on its journey to become the UK’s leading online retailer for golf enthusiasts. We’ve exceeded our own expectations and couldn’t be happier with the help and guidance we’ve received from Foresight. We are excited to be partnering with all4golf for the next part of our journey. Their industry knowledge and experience will be invaluable.”
Matthew Pomroy, senior investment manager from Foresight’s Manchester office, adds: “Clubhouse is a fantastic example of a local family business that has delivered outstanding growth. It has been a pleasure working with the management team and we wish them every success for the future with all4golf.”
David Weavers and his team at Clearwater in Manchester advised Clubhouse Golf on the deal, with Pomroy leading for Foresight.