An affiliate of Sun European Partners is to acquire American Golf, Europe’s largest golfing retailer from LDC. The value of the transaction has not been disclosed.
American Golf has 88 stores in the UK and Republic of Ireland, the company has two online sites and around 760 employees. The business commenced trading in the late 1970s and has since grown into the largest and leading specialist golf retailer in the UK and Europe. It operates the UK‘s premier nationwide retail chain of specialist golf equipment stores, selling a comprehensive range of clubs, bags, balls, clothing and accessories supplied by major golf brands, such as Callaway, TaylorMade, Titleist, Ping, Wilson, Mizuno, Powakaddy, Motocaddy, Nike and Adidas.
LDC acquired American Golf in 2004 and subsequently supported the business’ acquisition of Online Golf in 2010. The company has developed a strong customer loyalty and is well known for its full range of golf equipment for golfers of all levels. The business has been performing well due to its extensive range of branded products, its value for money offer, its expert professional advice in store and its unique free personal club fitting service. Like for like sales are ahead of last year and revenues for 2010 amounted to about EUR100 million.
Sun European Partners has significant retail and branded retail experience and counts among its affiliated portfolio companies a number of other leading businesses including Irisa Group (formerly Alexon), a UK ladies clothing retailer; neckermann.de, a multi-channel direct marketer; V&D, the largest department store chain in The Netherlands; DBApparel, a market leader in the design, manufacture and distribution of branded intimate apparel; and Scotch & Soda, a designer, marketer, wholesaler and retailer of contemporary casual apparel. In December 2011, Sun European Partners announced that one of its affiliates had reached an agreement to acquire shares in German retail chain Strauss Innovation.
Philippe Neuschaefer, Vice President at Sun European Partners, said, “American Golf is a niche retailer with an exciting product portfolio. The company is performing well and with our extensive experience in the retail sector, American Golf represents a significant opportunity for sustainable growth. We look forward to working with the management team and to continuing to develop the business.”
Nick Wood (pictured), CEO of American Golf says: “This is an exciting time for everyone at the business as it embarks on its next phase of growth. Sun’s experience and sector knowledge will be extremely valuable in driving our expansion into 2012 and beyond.”
Chris Hurley, UK Portfolio Managing Director at LDC, says: “American Golf has made excellent progress with its growth strategy against one of the most challenging retail climates for several years, thanks to a clear proposition, highly capable management team, first-class store execution and growing online platform. Under the leadership of Nick Wood, the business has accelerated both revenue and profits growth significantly over the last four years, and is now well placed to continue driving market share. We wish the business every success for the future.”
The transaction is subject to approval from regulatory bodies and will complete 30 days following the agreement.
