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Case studies

Goals Soccer Centres

Sectors: Consumer & Leisure

Deal Type: MBI, Exited - IPO

Transaction Value: £19 million

www.goalsfootball.co.uk

Dunedin contact:
Shaun Middleton

 
Goals

Overview

In November, 2000, Dunedin invested in the MBI of Goals, one of the leading UK operators of "next generation" 5-a-side soccer centres. Post-buyin, we took an active role in supporting the business and provided further development finance, allowing the business to expand from five football centres to 12. Goals floated on the Alternative Investment Market ("AIM") in November 2004, allowing us to fully exit from the investment.

Deal Features

This investment was attractive to us as it offered an opportunity to back a business with a robust roll-out strategy, together with an extremely strong management team.

We provided follow-on development finance to fund the roll-out strategy, as well as strategic advice to the management team. We supported Goals in their belief that the business should only open sites which matched the company's objective of high quality facilities in prime locations. This resulted in Goals generating superior returns on capital at all of its centres.

We were also instrumental in introducing key people to the business including Bill Gow as Finance Director. He implemented new financial systems which ensured the business had a solid financial platform on which to grow the business further. The management team of Managing Director Keith Rogers, Finance Director Bill Gow and Operations Director Morris Payton has been a particularly strong and enduring one. Keith Rogers was awarded Entrepreneur of the Year for Consumer Products and Services in the 2005 Ernst & Young Scottish Entrepreneur of the Year Awards and the company was awarded the flotation of the year in the 2005 Scottish Business Insider Awards.

We also introduced Chairman Sir Rodney Walker and Non-executive Director Graham Wilson to the Board. The successful float of the business in 2004 was testimony to the strength of the management team and the non-executive directors. This exit underlines our emphasis on working closely with portfolio companies to help them achieve their goals for growth. The successful investment gave Dunedin funds a 2.2x money multiple and a 25% IRR.

Business Description

Goals is a leading operator of "next generation" 5-a-side soccer centres across the UK. It operates centres across the UK and has established a well-progressed pipeline of new sites to continue its proven roll-out concept.

Goals centres are used by over 50,000 customers each week. Goals' objective is to offer the best 5-a-side centres in the UK. Its "next generation" offering comprises the latest artificial pitch technology, high quality facilities and superior customer service provided by well-trained staff.

Goals' perspective

"Now that the IPO of Goals has been successfully concluded, I wanted to write on behalf of the Directors of the company to thank Dunedin for the support given to the company in its formative years. You should be very proud of the role played by Dunedin in helping Goals establish itself at the forefront of the five-a-side soccer industry in the UK. I trust that the success of Goals will assist you in the future in being able to demonstrate that private equity houses can successfully achieve exit through public listings." Sir Rodney Walker, Chairman of Goals
 

Your Vision

What people say about us

"Dunedin supported us all the way and helped us to make some major strategic decisions, in particular in terms of new market penetration and the maximisation of shareholder value."

Dave Turnbull

Managing Director, Caledonian

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