McDermott Will & Emery advised Puttshack Ltd. on its $60 million growth capital investment round led by Promethean Investments LLP, a UK and US-based private equity firm. The new funds will continue to support the company’s booming growth, bringing this one-of-a-kind experience to more cities in the US, UK and around the world.
Logan Powell, Puttshack’s Group CFO and UK President, said, “Having a global, multi-practice law firm was paramount for Puttshack’s ability to raise growth capital, particularly in light of the COVID-19 Pandemic. As we continue to expand in the US, UK, and beyond, having MWE as a partner allows us to focus on our core business and know that we are supported by them across the globe. Wilson, Nick, Matt, and many others worked tirelessly to see this transaction to completion, and I look forward to continue working with the MWE team in the future.”
Puttshack, the world’s first and only upscale, tech-infused mini golf experience with global food and drink, is a leading concept in the emerging and growing market of competitive socializing. Patented Trackaball technology allows guests to play a point scoring game surrounded by an upscale and exciting environment. Puttshack is the perfect place to host a company off site, celebrate a birthday, date night or simply hang out with friends. Joining its three current UK venues, Puttshack successfully opened its first U.S. location in Atlanta in May 2021, with plans to open Oak Brook, Ill., in Fall 2021, and Miami, Boston, and Houston soon after, as well as a Nashville location in 2023. The team is preparing to announce multiple new U.S. locations soon that plan to open in 2022.
Founded in 2005 by Michael Burt and the late Sir Peter Burt, Promethean Investments LLP is a U.K. and U.S. based lower mid-market investment firm focused on Equity Special Situations. Since inception Promethean has invested over US$450m (including co-investment) in sixteen private companies across three vehicles. Since 2018 Promethean has been one of the most active investors in Location Based Entertainment and now has 8 active concepts in its portfolio.
McDermott’s cross-border team was led by corporate partners Wilson Chu, Nicholas Azis and associate Matthew Chen, with assistance from counsel Gary Howes and associates Sarah Gabbai, Emmy Clode and trainee Justine Wadhera. Associate Clare Baglin provided advice on UK finance. Partner Kathy Schumacher and associate Riley Orloff and paralegal Atoosa Nowrouzi advised on US finance aspects.
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