LDC, the private equity arm of Lloyds Banking Group, has agreed to sell its majority stake in Europe's golfing retailer, American Golf, to an affiliate of Sun European Partners.
American Golf, which has 88 stores in the UK and Ireland, saw total sales of GBP86.6m in 2010, riven by the acceleration of its store rollout and refit programme and growth in its internet business.
Profits at American Golf have increased 250% since 2010.
American Golf CEO Nick Wood said that LDC has been a hugely supportive, long-term investment partner over the last eight years. Its commitment has enabled us to build a market leading business with a highly scalable platform for growth.
"This is an exciting time for everyone at the business as it embarks on its next phase of growth. Sun’s experience and sector knowledge will be extremely valuable in driving our expansion into 2012 and beyond," added Wood.
The transaction is subject to approval from regulatory bodies.