Enter the Private Investor

Golfsmith was looking for the right financial partner to help it grow its operations and achieve its goal of dominating the $5 billion U.S. golf retail market. Golfsmith met with several potential partners before founders Carl and Frank Paul sold a majority stake, 80 percent of the company. In 2002, private investment firm First Atlantic Capital, New York, working through its private equity fund Atlantic Equity Partners III, acquired a majority stake in Golfsmith. (The Pauls continue to consult and are members of Golfsmith’s board of directors.)