MacGregor Golf Company has completed a
recapitalization led by three of its existing investors, which the
company says will strengthen its balance sheet and provide significant
resources for continued growth. Terms of the investment in
privately-owned MacGregor Golf were not disclosed.
The existing investors who led the
recapitalization are Sankaty Advisors, LLC, an affiliate of Bain
Capital, LLC, entrepreneur and leading golf professional Greg Norman,
and the Gordon P. Getty Family Trust.
MacGregor also announced that its
current CEO, Barry Schneider, is leaving the company to spend more time
with his family and pursue other business interests. “I have
appreciated the opportunity to be associated with so many fine people
these past nine years, and wish the Company every success in the
future,” said Schneider.
MacGregor has embarked on an
immediate search for a new CEO. On an operating level, the management
team remains unchanged. Suzy Biszantz and Dave Hall continue to lead
the efforts for Greg Norman Collection, while Reid Gorman remains at
the helm of MacGregor Golf North America, John Ennis runs MacGregor
Golf Europe, and Makoto Tanaka heads MacGregor Golf Asia.
“This recapitalization positions
MacGregor for sustained growth,” said Norman, who has been appointed
Chairman of the Board of Directors and will play an active role in the
company's development and marketing. “This is a very positive step for
the company, and I look forward to helping unlock the true brand value
that is embedded within MacGregor and Greg Norman Collection, and to
achieving their full potential.”
“MacGregor is a company and brand
with a strong global heritage and a unique position as an innovative
user of advanced technologies that make playing golf more satisfying
and fun,” said Stuart Davies, a Managing Director at Sankaty Advisors.
“We look forward to working with Greg Norman and The Gordon Getty
Family Trust to insure that the management team has the right resources
to execute the company's plan for continued growth.”
