Close Brothers Corporate Finance advised American Golf Corporation ("AGC") and NGP Realty Sub, LP ("NGP") on the successful disposal of their UK operations ("AGUK") to Crown Golf following an extensive competitive auction process involving a variety of trade, private equity and property investors.
AGUK was established by AGC in 1993 to professionally manage and operate golf courses in the UK. At the time of the sale, it was the largest golf operator in the UK with 44 golf courses over 23 properties, primarily located in the South East around London. AGUK operates a diverse portfolio of golf course types, including private membership clubs, country clubs and public pay & play courses. For the year ended December 2003, AGUK generated revenues of approximately £35 million.
Commenting on the transaction and the role of Close Brothers Corporate Finance, Paul Major, Executive Vice President of AGC said:
"We are pleased to have completed the sale of our golf interests in the UK."
"Close Brothers ran an effective process to achieve our goals in a short time frame. The Close team added significant value to the transaction through their leadership in resolving complex issues and working well with a sophisticated purchaser and their advisors."
A spokesman for Close Brothers Corporate Finance, said:
"This was a complex transaction with buyer, seller and target on three different continents. We were able to add value to the process through our extensive knowledge of the buyer universe and our wide-ranging experience of managing leisure business disposals. By running a tight and structured auction process, we were able to maintain competitive tension through to close."