Key Takeaways
- • Corbel Capital Partners, a Los Angeles private equity firm, acquired Motocaddy, the Hertfordshire-based electric golf caddy brand, providing an exit for its backer Ethos Partners.
- • Ethos realized a 3.8x gross and 3.3x net money multiple to its investors at completion, according to the report.
- • Since Ethos invested in 2019, Motocaddy's revenue and EBITDA have more than doubled, and more than 40 per cent of sales now come from outside the UK.
- • North America is Motocaddy's fastest-growing region, and the US is positioned as the brand's largest growth opportunity, with the electric caddy market forecast to grow more than 20 per cent a year to 2030.
Summary
A Hertfordshire-based electric golf caddy brand, Motocaddy, has been sold to Los Angeles private equity firm Corbel Capital Partners, providing an exit for its previous backer, Ethos Partners. The transaction delivered a 3.8x gross and 3.3x net money multiple to Ethos investors at completion, according to the report.
Founded in 2004, Motocaddy sells electric and push caddies, cart bags and accessories in more than 40 countries. The company produced the world's first GPS caddy and first touchscreen electric caddy. Ethos invested in 2019, backing chief executive John Helas and the management team to build on the brand's strong position in the UK market. Over the seven-year holding period, revenue and EBITDA more than doubled. Motocaddy opened its own operations in Germany and Australia and, in 2021, launched a US subsidiary, building a nationwide sales team and distribution and service centres. More than 40 per cent of sales are now made outside the UK, and North America is the fastest-growing region. Ethos also invested in digital capabilities and product development, including new websites, digital marketing, product development and customer service.
Ben Kirby, partner at Ethos Partners, said the firm's aim is to back strong management teams and help market-leading businesses become global ones, and that with the US now the biggest growth opportunity, Corbel is the right partner for the next stage. Helas said Ethos had been a supportive and ambitious partner, and that the company looks forward to working with Corbel on its next phase of growth, particularly in the US. Christian Hostetter, principal at Corbel, described Motocaddy as the clear category leader with a loyal customer base, a strong product pipeline and significant room to grow in North America. Electric caddies remain at an early stage of adoption in the US, with the market forecast to grow by more than 20 per cent a year to 2030.
Founded in 2004, Motocaddy sells electric and push caddies, cart bags and accessories in more than 40 countries. The company produced the world's first GPS caddy and first touchscreen electric caddy. Ethos invested in 2019, backing chief executive John Helas and the management team to build on the brand's strong position in the UK market. Over the seven-year holding period, revenue and EBITDA more than doubled. Motocaddy opened its own operations in Germany and Australia and, in 2021, launched a US subsidiary, building a nationwide sales team and distribution and service centres. More than 40 per cent of sales are now made outside the UK, and North America is the fastest-growing region. Ethos also invested in digital capabilities and product development, including new websites, digital marketing, product development and customer service.
Ben Kirby, partner at Ethos Partners, said the firm's aim is to back strong management teams and help market-leading businesses become global ones, and that with the US now the biggest growth opportunity, Corbel is the right partner for the next stage. Helas said Ethos had been a supportive and ambitious partner, and that the company looks forward to working with Corbel on its next phase of growth, particularly in the US. Christian Hostetter, principal at Corbel, described Motocaddy as the clear category leader with a loyal customer base, a strong product pipeline and significant room to grow in North America. Electric caddies remain at an early stage of adoption in the US, with the market forecast to grow by more than 20 per cent a year to 2030.
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