Foresight sells Clubhouse Golf to Afinum-backed All4Golf

The sale delivered a 6x money multiple for Foresight, according to a statement, for an IRR of around 80%.

This is the first exit for Foresight Regional Investment fund, which closed on £58m in 2016. The fund has now invested in 15 companies.

During Foresight's holding period, the business has launched a new website and delivered a new marketing strategy through social media channels. It has also increased staff numbers by 50%.

Afinum acquired All4Golf in November 2019, deploying capital from Afinum Achte Beteiligungsgesellschaft, which held its final close in September 2017 on €410m.

Previous funding
Foresight invested £4m in the company in February 2017. The investment was supported by a debt package from Clydesdale Bank.

Company
Manchester-based Clubhouse Golf is an online retailer of golf equipment that employs 50 staff. Founded in 2003, the company reported operating profit of £3.7m from revenues of £25.4m for the year ending on 30 September 2019.

People
Clubhouse Gold – Ben Reeves (CEO).
Foresight Group – Matthew Pomroy (senior investment manager).

Advisers
Vendor – Clearwater International, David Weavers, Tom Cooke, Dom Moir (corporate finance); Squire Patton Boggs, Giles Chesher, Alexandra Keane (legal); EY, Helen Pratten, Paul Scott, Mohammad Khalid, Matt Klemperer (financial due diligence); Kin & Carta, Tom Holt, Jonan Boto, Hugo Sunnocks (commercial due diligence); Grant Thornton, David Hawley, Paul Atherton (tax).
Equity – Ommax (commercial due diligence).

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Consumer
• United Kingdom
• Afinum
• Foresight Group
• Grant Thornton
• Squire Patton Boggs
• Clearwater
• EY (Ernst & Young)