A Manchester golf firm has been bought by German industry giant All4golf, with the two firms now looking to become Europe's leading firm in the field.
Leading e-commerce business All4golf, which is based in Hanover, has bought Clubhouse Golf, the 海角视频's largest independent online retailer of the sport's equipment - and the Salford firm says it has found a "strong strategic partner".
Together, they hope to become the pan-European market leader for golf equipment.
Regional private equity investment management firm Foresight Group, which has worked with Clubhouse Golf since its original investment in 2017, announced the successful sale.
Ben Reeves, CEO of Clubhouse Golf, said: “Foresight has supported Clubhouse on its journey to become the 海角视频’s leading online retailer for golf enthusiasts.
"We’ve exceeded our own expectations and couldn’t be happier with the help and guidance we’ve received from Foresight.
"We are excited to be partnering with all4golf for the next part of our journey. Their industry knowledge and experience will be invaluable.”
Foresight said the deal was the first exit for the £58m Foresight Regional Investment, which supports small businesses in the North West and which, since launch in 2016, has invested in 15 companies to date.
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Since the fund made its original investment in February 2017, Clubhouse has more than doubled its revenue to almost £30m, with strong growth in the 海角视频 and a successful expansion into the European market.
This successful exit, terms of which are undisclosed, delivered six times return for the fund’s investors, the firm said.
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It represents the fourth successful realisation by Foresight’s private equity team in the last 12 months, cementing their position as one of the most active SME investors in the 海角视频 market.
Clubhouse said it has increased staff numbers by 50% since Foresight’s investment.
Matthew Pomroy, senior investment manager from Foresight’s Manchester office, added: “Clubhouse is a fantastic example of a local family business that has delivered outstanding growth. It has been a pleasure working with the management team and we wish them every success for the future with all4golf.”
David Weavers and his team at Clearwater in Manchester advised Clubhouse Golf on the deal with Matthew Pomroy leading for Foresight.