Edwin Watts Golf, a leading retailer of golf equipment, apparel and accessories, announced today it has entered into a partnership with Wellspring Capital Management LLC, a New York-based private equity investment firm.
“We are very excited to partner with a firm as well-respected as Wellspring Capital Management,” said Edwin Watts, co-founder and co-CEO, Edwin Watts Golf. “This relationship will better position Edwin Watts Golf to maintain its leadership position as golfs most trusted retailer.”
Edwin and Ronnie Watts, the brothers who founded Edwin Watts Golf in 1968, will continue to manage the company, and the entire management team and all associates will remain in place. For Edwin Watts Golf, the partnership provides a considerably stronger financial base that will allow the company to take full advantage of a strengthening economy and growth of the sport.
“Our senior salespeople and managers have been with the company an average of 16 years, and golfers know them as the most knowledgeable retailers in the industry,” said Edwin Watts. Ronnie Watts added, “We could not have found a finer partner than Wellspring Capital to further capitalize our commitment to service and take the company to the next level.”
Wellsprings philosophy is to invest in companies that are a great brand and are poised for growth. “This is exactly how we view Edwin Watts Golf and the golf equipment sector,” stated Greg Feldman, managing partner, Wellspring Capital.
“Golfs growing preference among mainstream America as the leisure sport of choice is a primary reason for investing in Edwin Watts Golf,” said Jason Fortin, principal, Wellspring Capital. “With that in mind, we approached Edwin Watts Golf because of its established brand and strong reputation as Americas most trusted golf retailer. For more than 35 years, Edwin and Ronnie and their fine associates have instituted a culture of loyalty and retaining customers for the long-term, characteristics that we seek in investment opportunities.”
“For the past three years, Edwin Watts Golf has focused on enhancing the infrastructure of the company, and we are now well positioned for growth,” said Ronnie Watts, co-founder and co-CEO. “We have always believed in gradual and controlled growth, and with this new relationship with Wellspring and their financial strength, we expect to accelerate growth in those markets that our research shows will support successful business operations.”