
Ethos acquires Motocaddy stake for £22m
Ethos Partners had acquired a majority stake in golf trolley manufacturer Motocaddy for ТЃ22m.
Ethos invests equity tickets of £3-10m in companies with minimum EBITDA of £1m and enterprise values of £5-30m.
Beechbrook Capital has provided a senior secured loan and an equity co-investment.
Motocaddy CEO John Helas and co-founders Paul Straker and Neil Parker will remain in their positions at the company after divesting some of their stakes, according to a report by the Sunday Times.
The company generated revenues in excess of £19m in 2018, down from £20m in 2017. Motocaddy's 2018 operating profit also dropped to £2.5m from £2.9m in 2017.
Company
Headquartered in Bishop's Stortford, Motocaddy supplies powered and non-powered golf trolleys, golfing accessories and trolley batteries. The company sells its products in the UK and in international markets such as Germany, France, the Netherlands and Canada. Founded in 2004, it employs 40 people, according to the report.
People
Ethos Partners – Julian Carr (co-founder).
Beechbrook Capital – Jon Herbert (managing director).
Motocaddy – John Helas (CEO).
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