March 31, 2020
Consumer, Retail, E-commerce and Leisure
GCA Altium has advised AF Eagle GmbH on the financing of the acquisition of Clubhouse Golf
all4golf, portfolio company of AFINUM Achte Beteiligungsgesellschaft mbH & Co. KG, advised by AFINUM Management GmbH, joins forces with Clubhouse Golf, based in Manchester, under its parent company AF Eagle GmbH. Through this combination, the joint company will become the clear 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 Germany. Clubhouse Golf positions itself as a service-oriented provider with the most attractive offer in terms of product range and price in the UK, which is by far the largest European golf market. Since 2017, the company has almost doubled its revenues to GBP 30m, with strong organic growth in the UK and successful expansion into continental Europe.
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 Altium 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 Altium 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.
The transaction closed on 31st March 2020.