Transaction

Transaction Details

Closed
March 31, 2020

Sector

Consumer / Retail / E-commerce / Leisure

Deal Type

Debt Advisory

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GCA Advised the Parent Company of All4Golf, AF Eagle GmbH, on Financing for the Acquisition of Clubhouse Golf

All4golf, a portfolio company of AFINUM Achte Beteiligungsgesellschaft mbH & Co. KG, advised by AFINUM Management GmbH, has joined forces with Clubhouse Golf, based in Manchester, under its parent company AF Eagle GmbH. Through this combination, the joint company will become the pan-European market leader for online golf equipment with headquarters in the two largest European golf markets.

Founded in 2003 by PGA golf professional Paul Reeves, Clubhouse Golf is the largest European e-commerce company for golfing supplies outside of Germany. Clubhouse Golf positions itself as a service-oriented provider with the most attractive offer for product range and price in the UK, the largest European golf market.

All4golf was acquired by funds advised by Afinum in September 2019 with the aim of internationalizing the successful business concept. The combination with Clubhouse Golf allows All4golf to accelerate its international expansion. The firm’s focus continues to be on organic growth in its respective domestic markets through increased online penetration within the golf equipment category, supported by investments into its product range and marketing strategy.

GCA advised AF Eagle GmbH on a tailored subordinated debt financing in addition to an increase of the existing senior financing. The HoldCo-PIK note is provided by a debt fund to support the successful add-on acquisition of Clubhouse Golf. GCA provided debt advice on all commercial aspects of the financing transaction and helped to secure a competitive financing package, which was a key factor in the acquisition process.

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