Bregal to acquire Afinum's Perfect Drive Sports Group

Bregal announced the deal in conjunction with the final close of its latest fund, Bregal Unternehmerkapital III. The deal is to be one of the first made from the fund, which held a final close earlier in March 2021 on €1.875bn, as reported. The fund makes equity investments of €50-250m.

Sources told Unquote sister publication Mergermarket in February 2021 that Afinum was exploring strategic options for PDSG, advised by GCA Altium.

Afinum formed PDSG via the acquisition of online golf products retailer All4Golf in 2019 and the subsequent acquisition of its UK-based market peer, Clubhouse Golf, in April 2020 from previous owners Foresight Group.

Afinum originally invested in All4Golf via its eighth fund, which held its final close in September 2017 on €410m. The GP is currently on the road for its ninth fund, which has a €500m target and is expected to hold a final close in mid-2021.

Company
PDSG is an e-commerce golf equipment retailer headquartered in Hannover, formed by Afinum in 2020. Subsidiary All4Golf (formerly known as Stephan Moll Golf Versand) was founded in 1986, while Clubhouse Golf was founded in 2003. The company sells more than 20,000 products online and employs 100 staff.

According to Mergermarket, the company generates EBITDA of €16m and posts €79m in revenues, with these figures expected to increase to €20m in EBITDA and €120m in sales in 2021.

People
Perfect Drive Sports Group – Stefan Kirste (CEO).
Bregal Unternehmerkapital – Jan-Daniel Neumann (managing director, co-founder); Florian Schick (managing partner, co-founder).
Afinum – Kai Roolf (partner); Maximilian Fleck (investment professional).

Advisers
Vendor – GCA Altium (corporate finance).

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