Chicago, IL – January 1, 2015; City Capital Advisors, a results-oriented investment banking firm serving the middle market, announced today that it advised Caddie Master Enterprises, a leading provider of outsourced caddie management services to private and public golf courses across the United States, the U.K. and China, in the private placement of $10,500,000 of subordinated debt with OFS Management, a New York based publicly-traded SBIC investment fund. City Capital Advisors was hired as the exclusive financial advisor to Caddie Master, a Jacksonville, Florida based firm founded by its CEO and control shareholder, Mike Granuzzo.

Transaction Summary
City Capital assisted Caddie Master’s shareholders with evaluating their strategic options for the business. The vast majority of the $10.5 million in subordinated debt capital raised from OFS was paid out to Caddie Master’s shareholders via a special dividend. OFS will partner with Caddie Master’s management team in its plans to accelerate the company’s growth trajectory by investing in sales and marketing initiatives and potentially expanding the roster of outsourced service capabilities to provide its customers. “Barry Craig, Dick King and the entire City Capital team helped us to identify and negotiate a mutually beneficial transaction with a high quality firm in OFS. As our financial advisor, City Capital did a terrific job on behalf of Caddie Master’s shareholders and employees and their expert guidance throughout the process was vital” said Mike Granuzzo, CEO.

About Caddie Master Enterprises, Inc.
Caddie Master Enterprises is recognized as the undisputed market leader in the area of providing professional-grade caddie services on an outsourced basis to many of the world’s foremost golf resorts and golf clubs, including Pebble Beach, Pinehurst, Sea Island, Whistling Straits among others. Caddie Master offers its customers turnkey management of its entire caddie program, from training and providing on-site caddie program management, to complete caddie staffing services including recruiting, training, retention, risk management, and complete administration duties. Caddie Master deploys over 3000 caddies who are either employed or independent contractors exclusive to the company, all of whom are trained and managed by 95 caddie program managers and their assistants.

About City Capital Advisors, LLC

City Capital Advisors, a FINRA registered broker-dealer, is a results oriented investment and merchant banking advisory firm. Client engagements are managed exclusively by experienced senior investment bankers who deliver business owners optimal performance in capitalizing on the value of their companies and meeting their objectives as shareholders. City Capital’s investment banking professionals have successfully advised clients on merger and capital markets transactions totaling in excess of $60 billion.

 


 

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