Equus Total Return, Inc. made a $2 million equity investment in Nickent Golf, Inc. Nickent will use the proceeds for working capital, strategic marketing and global expansion. This investment by Equus follows a $6.0 million in debt financing in June to Nickent in connection with an overall transaction involving a previous bridge financing of $2.0 million in April 2007.
“In the golf industry, you need key components to facilitate the jump from a niche brand to a major player,” commented Michael Lee, CEO and Co-founder of Nickent. “Superior product, PGA TOUR validation, distribution growth and an aggressive marketing plan are some of the main reasons we have been able to distinguish ourselves from the rest of the pack. This year we celebrated a Major victory at the US Open, and we have won 18 times on the PGA Tours over the last 3 seasons. Our valued relationship with Equus provides an opportunity to take Nickent to an even higher level. We hope to make Nickent a household name for golfers around the world.”
“We are pleased to announce this investment in Nickent,” commented Anthony Moore, Co-Chairman and President of Equus and Chairman of Nickent. “This, combined with our debt financing in June, positions the Fund to receive dual benefits of current income and potential capital gains. We look forward to working with Nickent and its experienced management team.”
