Inspiring Sport Capital acquired a majority equity stake in Piguy Golf Challenge, buying out the previous financial holding companies. The current operational management team retained a minority stake in the company to ensure continuity and alignment of interests. This acquisition serves as the platform investment for a broader "Buy-and-Build" strategy in the European golf distribution market. The new shareholders aim to accelerate the company's digital transformation by implementing a B-to-B-to-C model (enabling pro shops to sell online via Piguy's inventory) and to pursue external growth opportunities to consolidate the fragmented European market.

PIGUY GOLF CHALLENGE, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.9x average currently observed in the Retail & Consumer sector.

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