$145 Million Recapitalization / Strategic Partnership
PGP Capital Advisors acted as exclusive financial and M&A advisor to the Nicklaus family in generating and optimizing a number of strategic alternatives that would satisfy a number of family objectives. PGP contacted a wide variety of strategic, financial and high net worth individuals as part of a global process that produced a number of attractive transaction and partner choices for our client. As a result, the family effectively sold a 49% stake in the company for $145 million and the Nicklaus Companies was formed in partnership with Emigrant Savings and their Chairman Howard Milstein. Mr. Jack Nicklaus currently sits as an advisory board member of PGP.
“We hired Stewart Kim and his team to assist us in finding a partner that could help continue growing our businesses well beyond my lifetime. Throughout the many months of hard work, we were very pleased with the way in which PGP managed the transaction, as well as the final results that they helped produce.
I feel that PGP, in addition to their professionalism, experience and integrity, brought remarkable objectivity in their advice to me, my family and our management team. We had unique objectives and very high standards across the board. They understood that and created a highly customized process for us that also respected our strong desire for confidentiality. Given the tremendous amount of work that was required, it would have been easy for PGP to recommend short cuts that would have benefited their firm, but to their credit, they consistently recommended what they believed was in our best interest. The end result was that we found a like-minded partner that committed long-term capital and brought the experience that we were seeking to help build our brands and branded businesses. Throughout this demanding process, PGP bore the brunt of criticism from all sides, acting as our buffer and delivering the tough messages when they needed to be delivered. They did a terrific job all around.”