Falconhead Capital, Greg Norman Ink Deal To Form GPSI Holdings
By Street & Smith's SportsBusiness Daily
10/16/09 - Norman, Falconhead Capital Will Form GPSI Holdings From Collection Of Smaller Assets
N.Y.-based private equity firm Falconhead Capital has "struck a deal with golfer Greg Norman to build a company that provides golf cart-mounted global positioning services," according to Julie MacIntosh of the FINANCIAL TIMES. The company is "being assembled from a collection of smaller assets." Falconhead will "form GPSI Holdings by merging GPS Industries, ProLink Systems and a separate business that provides GPS services at roughly 60 US golf courses." GPSI's "combined services will let golfers use electronic screens on their carts to order food and drinks and place their next shots at 970 of the 17,000 golf courses in the US." Falconhead said that it will control 70% of the company's equity, while Norman and the company's management "will own the rest." GPSI will be run by current GPS Industries CEO David Chessler.