Endless buys Golfino

The GP has acquired the Golfino brand, as well as its wholesale and e-commerce operations.

Endless plans to expand the company's e-commerce and wholesale divisions under the International Leisure Brands business, according to press reports.

Golfino filed for insolvency in November 2019 due to a decline in sales and gross profit, as reported by Unquote sister publication Mergermarket. Jens-Sören Schröder was appointed as insolvency administrator. At the time, the company had an outstanding €4m bond. Its retail units were closed as part of the process.

Endless invested via Endless Fund IV, which held a final close in December 2014 on £525m, surpassing its target of £400m. The vehicle invests in mid-market companies and makes acquisitions via all-equity transactions.

Company
Founded in 1986, Golfino sells golfing equipment and clothing via its online store. Golfino has 208 employees. The company reported revenues of €31m in the 2018/19 financial year, down from €34.38m in the previous financial year. The wholesale and e-commerce divisions acquired by Endless reported 2019 revenues of €15m.

People
Endless – Tom Jack (partner).
Golfino – Bernd Kirsten (founder, CEO).

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• Topics
• Turnaround/Special Situations
• DACH
• Buyouts
• Consumer
• Germany
• Endless