The secondary MBO of Europe’s largest go kart track operator, TeamSport Limited (“TeamSport”) completed in October 2017 for an undisclosed sum.
The deal was arranged by Julian Carr who approached Duke Street Private Equity to lead the equity investment into which HNW clients of Ethos Partners and Bestport subscribed. Debt was provided by unitranche debt providers, Apera Capital.
TeamSport and its management team are well known to Ethos principal Julian Carr, who led the original MBO of 2013 and sat on the board of TeamSport into 2016. The existing team, led by CEO Dominic Gaynor, have consistently performed in line with their historic business plan, successfully growing from 9 to 23 tracks between 2013 and 2017. Over the same period, TeamSport quadrupled profitability.
TeamSport has developed a sustainably differentiated business model, professional brand, and is well positioned, as clear market leader in the fragmented UK market, for continued growth. The secondary MBO presents an opportunity to back an existing, proven, management team to continue to execute the UK track roll-out, alongside an exciting opportunity to support international expansion.
Julian Carr has joined the board of TeamSport following the secondary buyout. Julian said:
“Dominic and his team have consistently delivered for the last five years and I very much look forward to supporting them again for the next five to realise all that the business is capable of”
Dominic Gaynor, CEO said:
“Jules was always a great supporter of our business in the original buyout. We are delighted that he has worked with Duke Street to support a secondary management buyout and it is great to welcome him back to the Board for the next stage of our journey”
Charlie Troup, Managing Partner of Duke Street Private Equity said:
“TeamSport presents an exciting opportunity to support the clear leader in a growing niche segment of the UK leisure market. The strong management team has built a compelling proposition for all levels of racegoers and an excellent platform for further development. We are delighted to be backing Dominic and his team for the next phase of growth.”