New cart-mounted GPS supplier formed

Falconhead Capital, a private equity firm specializing in consumer-focused businesses in the leisure, lifestyle, sport and media categories, formed of GPSI Holdings, a provider of cart-mounted GPS services to golf courses. GPSI was created through the acquisition of and subsequent three-way merger of GPS Industries, ProLink Systems and a series of assets previously owned by David Chessler, who has been named CEO of GPSI. GPS Industries was acquired through a sale process conducted under Section 363 of the U.S. Bankruptcy Code. Financial terms of the transactions were not disclosed.

The newly formed GPSI has systems deployed on nearly 1,000 courses predominantly in North America and Europe. Falconhead expects that combining these businesses will result in significant cost, revenue and technological synergies that will position GPSI for significant profitable growth. In particular, GPSI will implement extensive product and service improvements that will benefit customers and enhance the playing experience for players around the world.

Falconhead’s partner in GPSI is Greg Norman, the professional golfer and head of Great White Shark Enterprises, a corporation primarily focused on golf. Norman, a long-time member of Falconhead’s advisory board, was involved in conceiving and executing the transactions. He will own a significant equity stake in GPSI and has entered into an agreement to promote the company’s business. 

As part of GPSI’s long-term growth strategy, the company has established an exclusive partnership with Club Car to leverage its sales force of more than 120 representatives and its extensive global distribution network.