Endless, a mid-market private equity investor, has completed the acquisition of American Golf, immediately after the specialist golf retailer had fallen into administration, a procedure under the British legislation which is similar to bankruptcy in the U.S. American Golf had appointed Deloitte to find a buyer in early October. The financial terms of the acquisition have not been disclosed, although the investor reportedly agreed to pay less than £10 million (€11.2m-$12.8m) for the business. Endless beat out rival bids from Sports Direct, JD Sports Fashion and other parties. American Golf was owned by Sun European Partners, which had acquired it from LDC, the investment firm of Lloyds Banking Group, in 2012.
The deal is said to safeguard about 900 jobs in stores and at the head office in Warrington. It includes 112 of the 132 American Golf retail stores in the U.K. and Ireland as well as the websites Americangolf.co.uk and Onlinegolf.co.uk. American Golf, founded in 1970, has a turnover of around £140 million (€157.2m-$178.8m). It sells a comprehensive range of golf clubs, equipment, shoes and clothing. Sun European Partners acquired the golf retailer during a period of growth for golf in the U.K., but participation in the sport has been declining in the country, and that combines with a difficult time for the U.K. retail sector at large, with main street names in the process of closing substantial numbers of stores or resorting to safeguarding procedures.
The transaction was led by Tom Jack, who has been a partner in Endless since 2016, based in Manchester, and by Richard Harrison, the investment director of Endless, who worked previously for KPMG. Both of them will join the board of American Golf. It is the latest investment from Endless’ £525 million (€589.3m-$670.3m) Fund IV. Endless’ portfolio of investments also includes The Works, a British discount retailer that recently listed on the London stock market, as well as Theo Fennell, Antler and Menzies Distribution.
