Cavendish

Cavendish advises on the sale of Baydrive Group Ltd

Cavendish Corporate Finance is delighted to announce the sale of Baydrive Group Limited to the US operator, Golf Entertainment International ("GEI") for an undisclosed sum. The exiting shareholders included Henderson Private Capital and Baydrive's management team.

Baydrive Group Limited owns the rights in the UK and Republic of Ireland to TopGolf Game Centres - a unique type of golf driving range which gives players scores electronically using a golf ball with a chip embedded. Baydrive currently operates three Game Centres in Watford, Chigwell and Addlestone.

As well as the TopGolf driving range, TopGolf Game Centres offer mini-golf facilities, chipping and putting practice areas, food and beverage service, golf instruction and pro shop facilities including custom fitting. The Top Golf concept has been shown to have an appeal far beyond the traditional golf market, with some 80% of customers being families and other leisure users. The TopGolf Game Centres therefore compete with more established UK leisure pursuits such as ten pin bowling, ice skating and cinemas.
In the course of the transaction Cavendish made use of its international partner network M&A International in order to identify a large number of overseas buyers looking to enter the UK market.

Cavendish approached a number of leisure operators, property firms and sport companies as well as high net worth individuals involved in the golfing world. Interest was shown by a number of UK and overseas buyers and the resulting interest ensured that a price was achieved that recognised the future potential of the Baydrive business.
On the basis of the strategic fit between Baydrive and GEI, an operating company set up in 2004 to roll out the TopGolf concept in the USA, and GEI's ability to deliver the right deal for shareholders, Cavendish recommended that the Baydrive Board should proceed with GEI. Following a short period of exclusivity for due diligence and contract negotiations, the transaction with GEI exchanged in November 2006 and completed in late December 2006.
Commenting on the transaction, Stephen Lewis, CEO of Baydrive said:
"Cavendish undertook a full marketing exercise and were able to cover a lot of different purchaser groups. They were fully supportive throughout the transaction and instrumental in maintaining a dialogue with GEI through some challenging negotiations."

Cavendish contacts for further information:
[Jonathan Buxton], Director
Paul Landsman, Executive

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