American Golf, which has 88 stores in the UK and Ireland, has been sold to U.S. private equity firm Sun Capital Partners.
Private equity investor LDC sold its majority stake in the Warrington-U.K.-based retailer to Sun subsidiary Sun European Partners for an undisclosed sum.
American Golf had sales of £86.6 million in 2012, up 20 percent versus the year-ago period. Like-for-like sales in the current financial year, ending January 2012, have continued to rise with customers in its membership club rising to 800,000.
Nick Wood, chief executive of American Golf, said: “LDC has been a hugely supportive, long-term investment partner over the last eight years. Its commitment has enabled us to build a market leading business with a highly scalable platform for growth.
“This is an exciting time for everyone at the business as it embarks on its next phase of growth. Sun's experience and sector knowledge will be extremely valuable in driving our expansion into 2012 and beyond.”
Philippe Neuschaefer, vice president at Sun European Partners, said: American Golf is a niche retailer with an exciting product portfolio. The company is performing well and with our extensive experience in the retail sector, American Golf represents a significant opportunity for sustainable growth.
“We look forward to working with the management team and to continuing to develop the business.”
In March, 2010, American Golf bought SW Golf, which owns the onlinegolf.co.uk brand. Online sales now make up 15 percent of American Golf's total revenues and 30 percent of those online sales come from overseas.