Heritage Global Partners Auctions Yes! Golf to Winning Bidder Adams Golf
Purchased assets includes patented C-Groove Golf Putter technology
January 21, 2011 10:00 AM Eastern Standard Time
SAN DIEGO–(BUSINESS WIRE)–Golf club manufacturer Adams Golf (NasdaqCM:ADGF) acquired ProGear Holdings dba as Yes! Golf for $1.65 million at the court ordered public auction held Tuesday, January 18 at the Yes! Golf offices in Denver, CO. At approximately 1:25 pm MST, Heritage Global Partners Managing Partner, Ross Dove, let the hammer fall, awarding Adams Golf all assets in a single lot, including the Yes! Golf patented C-Groove Technology, the company’s registered trademarks and all existing inventory and capital equipment.
“We are pleased with both the process and the results. The estate feels that engaging Heritage Global Partners to conduct a competitive and transparent open-outcry auction yielded a maximum return,” said David Lewis, trustee for the estate.
“The sale of Yes! Golf to Adams Golf once again confirms our belief that a professionally conducted auction of bulk assets, which is properly promoted, can significantly enhance the return to all stakeholders”
“The sale of Yes! Golf to Adams Golf once again confirms our belief that a professionally conducted auction of bulk assets, which is properly promoted, can significantly enhance the return to all stakeholders,” commented Ross Dove, at the conclusion of the proceedings. “We are thrilled that Yes! Golf is in strong hands and its legacy will continue.”
International bidders competed both in person and over a designated telephone line. “Through a spirited bidding process, it soon became apparent that Adams Golf was dedicated to obtaining the Yes! Golf brand and assets,” said Brandon Smith, VP of Heritage Global Partners.
Led by auction industry pioneers Ross and Kirk Dove, Heritage Global Partners, www.hgpauction.com, is an asset advisory and auction services firm, which assists large and small companies with buying and selling of assets. Heritage Global Partners offers asset brokerage, asset inspection, asset valuations, industrial equipment and real estate auctions, as well as enterprise auctions combining tangible and intangible assets.
Yes! Golf was known as an emerging leader in the field of advanced putter design and related technology. Historical financials prepared by Yes! Golf show approximately $10.2 million in revenues in 2007 and approximately $2.4 million in 2010.