Mishcon de Reya’s Private Equity team has advised the founders of Golfbreaks on the sale of Golfbreaks Limited to Sports Tours International.
Founded in 1998, Golfbreaks is the market leader in golf travel, sending more than 230,000 golfers each year to a partner network of over 1,000 resorts across the UK, Europe and the US.
Sports Tours International, founded in 1973 and owned by Betfred Chairman Fred Done, is the global market leader in mass-participation sports travel and its acquisition of Golfbreaks will significantly strengthen its golf travel offering and marks an important strategic milestone in its continued international expansion.
The Mishcon de Reya team was led by Partner James Paterson with support from Managing Associate Karine Bashardust, Managing Associate Roya Zohrabi, Associate Beth Hitchcock, and Trainees Api Jeya and Charlotte Lowe. Consultant Margarita Elia advised on employment aspects and Associate Eve Drysdale advised on tax aspects on the transaction.
Andrew Stanley, Founder, and Steve Hemsworth, CFO of Golfbreaks, said: “The sale of Golfbreaks after 28 years marks a significant milestone for us as founders. We are incredibly proud of the business we have built and the reputation we have earned. Over the past decade, we have worked closely with James Paterson and the Mishcon de Reya team across three key transactions—from the sale of Teeofftimes to Comcast/NBC Sports in 2015, through the PGA TOUR minority investment in 2019, to our final exit and share sale to Sports Tours International owned by Betfred Chairman, Fred Done. Mishcon have been a trusted adviser throughout that journey, combining sharp legal insight with a strong understanding of our commercial priorities. Their ability to anticipate challenges, navigate complexity and protect the interests of all shareholders was critical in delivering a successful outcome. We greatly valued their commitment, judgement, and consistency over many years at the most important moments for the business.”
James Paterson, Partner in the Private Equity group at Mishcon de Reya, commented: “It's been a privilege to support Andrew, Steve, Guy and Dan and the wider Golfbreaks team for many years, including on their most significant transactions – the sale of Teeofftimes, the partnership with PGA TOUR and most recently this sale to Sports Tour International. Golfbreaks is an exceptional business built by exceptional people, and I am proud that the Mishcon team has had the opportunity to be part of the Golfbreaks journey and to support Andrew, Steve, Guy and Dan in delivering such a successful outcome for each of them and Golfbreaks. We wish Andrew, Steve, Guy and Dan and everyone at Golfbreaks and Sports Tours International every success going forward."