The owners of Australia’s biggest golf retailer Drummond Golf are looking to sell the company after 22 years of ownership.
Lion Advisory has been hired to assist in the sale process, which includes 100 per cent of Drummond Golf’s master franchise, the Big Swing Golf master franchise, and an e-commerce business.
Other assets include Drummond’s interests in 17 company-owned stores and its 66 per cent shareholding in wholesale golf company Golf Works.
According to the Australian Financial Review, Lion started pitching the 50-year-old company to interested parties last month. The advisory firm is reportedly targeting three sets of buyers – private equity, other sports and leisure retailers, and golf fanatics.
Founded in 1974 in Victoria, Drummond sells golfing equipment and apparel with a franchise network of 50 stores across Australia. Mark and Ravi Abeyaratne bought the franchise alongside a small group of shareholders in 2002.
The company boasts 30 per cent market share with more than 150,000 golfers visiting its stores monthly, while its online store has more than 250,000 visits each month.
The company is planning to increase earnings to $12.6 million in the next two years, open new stores, and enter the New Zealand market.