Two Irish businessmen head golf firm buy-out

Two Irish businessmen have led a €37m management buyout (MBO) of Kent-based European Golf Brands (EGB), a leading manufacturer of golf accessories in the UK.

The Irish Times said today that Mr Rossa McDermott and Mr Fergus O'Rafferty were named as the lead partners in a combined equity and debt buyout of (EGB).

Managing director Mr John deGraft-Johnson and UK sales director Mr David Wells joined them in the deal.

The MBO bought out majority shareholders, former EGB chairman Mr Michael Snapes and venture capitalist Close Brothers.

Dublin-based BDO Simpson Xavier secured the funding on the deal and Barclays Bank provided the MBO with loan financing.

EGB is a leading manufacturer of electrically powered golf trolleys. The Irish market accounts for 10% of the company’s annual sales of £20m (€29m).