Already a subscriber?The owners of Australian golf retailer Drummond Golf are ready to play their final round, hiring Lion Advisory to kick off a sale process after 22 years of ownership.
as enthusiasts got off the couch and rediscovered the game – fun, outdoors and social – and female participation boomed.Founded in 1974 in Bendigo, Victoria, Drummond operates a 50-strong retail franchise network across Australia, selling golfing equipment and apparel such as clubs and bags, balls and buggies.
Lion is also seeking a buyer for Drummond’s interests in 17 company-owned stores – where ownership interests range from 50 per cent to 100 per cent – and its 66 per cent shareholding in Golf Works, a wholesale golf company for which Drummond is the major customer.Interested parties were told Drummond Golf boasts 30 per cent market share with more than 150,000 golfers visiting its stores monthly.
Brothers Mark and Ravi Abeyaratne picked up the franchise alongside a small group of shareholders in 2002.The new owners ushered in an expansion phase, growing the network from 12 stores to 50 and revenue from $14 million to $200 million, developing a loyalty program, rebranding and launching the gold simulator, which was intended to attract people to golf who don’t have all day to play 18 holes and goes up against industry leader Trackman.
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