KPS Capital Partners, LP reported today that through a newly formed affiliate, it signed a definitive agreement to acquire Sports Group TopCo GmbH, including the AstroTurf, Polytan, Rekortan, and Laykold brands from funds advised by Equistone Partners Europe.
Completion of the transaction is expected in the second quarter of 2024 and is subject to customary closing conditions and approvals.
Sport Group is a designer, manufacturer, and installer of artificial surfaces serving the global sports flooring, leisure, landscaping, and industrial markets in over 70 countries. Headquartered in Burgheim, Germany, the company’s brand portfolio includes AstroTurf, Polytan, SYNLawn, LigaTurf, Poligras, Rekortan, and Laykold. The company’s list of customers includes pro and collegiate sports leagues, and its products have graced the fields of the original Astrodome in 1966, eight sequential Summer Olympic Games, the U.S. Open and the FIFA Women’s World Cup.
Sport Group reportedly manufactured the “first carbon-neutral soccer turf, the first carbon zero field hockey turf and developed the industry’s first, and only, turf recycling facility capable of recycling EPDM rubber.”
The company has over 1,900 employees and operates nine vertically integrated manufacturing facilities and 31 distribution centers across the Americas, EMEA and Asia-Pacific regions.
Raquel Vargas Palmer, managing partner of KPS, said, “We are thrilled to acquire Sport Group, a global industry-leading provider of artificial surfaces. Sport Group is the only vertically integrated manufacturer of artificial turf and polyurethane artificial surface products, with capabilities across the value chain (design, manufacturing, installation, and recycling) and a manufacturing presence on three continents. We look forward to partnering with Sport Group’s talented employees and senior management team to build upon this iconic platform.
“We will leverage KPS’ decades of manufacturing expertise and provide strategic support and capital to accelerate the company’s value creation opportunities. Sport Group’s unparalleled brand portfolio, commitment to quality and industry-leading R&D capabilities provide an ideal foundation for future growth—both organically and through a global acquisition strategy.”
Christoph von Nitzsch, CEO of Sport Group, said, “The Sport Group team is excited to begin this new chapter for the company. Together with KPS’ tremendous track record of manufacturing excellence and investing in leading branded products in the athletics sector, we are now positioned to take Sport Group to the next level of industry leadership, delivering unparalleled quality, service and innovative products to our customers. Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our rich history.”
Kirkland & Ellis LLP served as legal counsel to KPS. Houlihan Lokey and William Blair served as financial advisors. Latham & Watkins LLP acted as legal counsel to Sport Group’s shareholders.
Image courtesy Astro Turf / University of Memphis
