Endless acquires American Golf from Sun European Partners

Kenny Wastell
15 October 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

Special situations investor Endless has acquired UK-based golf equipment and apparel retailer American Golf from Sun European Partners.

Financial details of the transaction remain undisclosed, though Sky News reported that the deal values the business at less than £10m.

Deloitte was reportedly mandated to secure a quick sale of the business in September, though an earlier report by Sky News cited a source close to the vendor who said the sale was being marketed on a solvent basis.

The transaction sees Endless acquiring 112 of the company's 132 retail stores in addition to online brands Americangolf.co.uk and Onlinegolf.co.uk. According to a statement it will safeguard 900 jobs across American Golf's stores and head office.

Endless drew capital from its £525m fourth fund to finance the transaction. Sun European was invested in the business via its 2006-vintage fifth fund.

As part of the deal, Endless partner Tom Jack and investment director Richard Harrison will take seats on the American Golf board of directors. According to various media reports, the GP overcame competition from Sports Direct founder Mike Ashley.

Previous funding
American Golf first received PE backing in 2004 when LDC acquired a majority stake in an MBO of the business.

Sun European then acquired the company in 2011 in a deal valued at the lower end of the £50-80m price range, according to Unquote Data.

Company
Headquartered in Warrington and founded in 1970, American Golf is a retailer of golf equipment and apparel. The business generates a turnover of around £140m.

People
Endless – Tom Jack (partner); Richard Harrison (investment director).

Advisers
Equity – Addleshaw Goddard, Ged Barnes, Sarah Foster, Calum Redhead, John Duffy, James Davison, Charlotte Read (legal); KPMG, Steven Heath, Nilesh Patel (tax).
Vendor – Deloitte, Daniel Smith, Daniel Butters, Andy Westbrook, Rick Harrison, Rhys Davies, Peter Mackie (corporate finance).
Company – DLA Piper, Colin Ashford, Richard Obank (legal).