Acquiring a private members club

A UK investor was looking to make acquisitions in the golf sector and appointed Cornerstone Golf to identify clubs, agree terms and manage the process of due diligence, purchase and integration on their behalf.

Situation

Cornerstone Golf were appointed on a long-term retainer and success fee to identify target clubs and facilitate negotiations between the principals. This property was off-market and Cornerstone Golf presented to the designated committee of members assessing potential acquirers. As a result of the presentation, the client was appointed as the preferred party.

Response

Cornerstone Golf assisted the club by nominating a shortlist of commercial law firms with experience in the sector, provided a request for information schedule and assisted in setting up a data room for the due diligence material.

Working with the incumbent management team, Cornerstone Golf completed the 22 areas of due diligence, suggested changes to the staffing structure, worked on a re-branding exercise, and enhanced daily operating standards of the club.

Business Outcomes

An acquisition paper, and associated business plan, covered:

  • History of land ownership and planning history
  • A review with comment on trading history
  • Assessment with recommendations of the management team and facilities
  • Competitive market review and growth opportunities for the business
  • Recommendation on the capital investment requirements.
  • Existing golf facility provision in the area

The sale was completed at asking price and the new owners adopted the changes and business strategy created with the management team.

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