In October 2018, Endless Fund IV acquired Europe’s largest golf retailer, American Golf, following an accelerated sale process completed in only 2 weeks.
American Golf had annual turnover of approximately £100 million and offered a comprehensive range of golf clubs, equipment, shoes and clothing and employed 50 PGA professionals and 20 Master Fitters who provide custom fitting services and specialist in-store advice.
The business holds a unique position as the UK’s golf market leader and has been providing specialist expertise to golfers of all abilities for 50 years.
However the business has lost this way and a well known brand was in danger of disappearing from the UK high street. We felt that with a renewed focus on core retailing disciplines and with investment in its store portfolio the opportunity to re-establish a leading retailer was one we could not miss.
The deal included more than 100 American Golf retail stores across the UK and Ireland, the www.americangolf.co.uk website and secured the jobs of over 900 employees in stores and at the Head Office in Warrington which would otherwise been lost.
THE IMPACT SO FAR
Immediately after acquisition, we recruited a strong Management team and have continued to supplement it with further recruits as has been appropriate to support the growth of the business.
Endless has supported the business to acquire a number of brands which have supported the gross margin improvement plan. The business has acquired Stromberg, Benross and Golfino, as well as securing a number of exclusivity contracts with other brands.
Investment has also been made in stores with a refresh programme rolled out across the estate and significant investment into a handful of flagship stores.
The business today has been re-established as the dominant player in its market and is a key route to the UK market for all golfing brands across the world. Our investment in the store estate has allowed the business to build on its sector expertise and support its customers in improving their game.