Versant Media Group snaps up golf simulator maker Full Swing for $530M in cash, adding hardware to its GolfPass and GolfNow platform. The deal follows the company's January spinout from Comcast.
Versant Media Group agreed to buy golf simulator company Full Swing from private equity firm Bruin Capital for about $530 million in cash. The deal adds a hardware and software business to Versant's existing golf platform, which already runs GolfPass, a digital media outlet, and GolfNow, a tee-time booking service.
The acquisition follows a playbook CEO Mark Lazarus has described since Versant began trading as a public company in January. The company spun out from Comcast (CMCSA) with a mandate to invest in non-traditional media businesses that broaden its brand reach. Earlier this year Versant bought StockStory, an AI-powered financial analysis platform, for CNBC.
Full Swing develops simulators for consumers, sporting goods stores and athletic training facilities. Recreational and professional athletes use the technology. Bruin Capital bought Full Swing in 2021 for $160 million, Sportico reported at the time. The 3.3x multiple on that purchase price reflects the value Versant sees in adding a physical product to its digital golf offerings.
In May Versant reported that revenue for its platforms business, which includes GolfNow, Fandango and some direct-to-consumer units, rose 9.5% to $192 million. Executives have said they aim to rebalance the company's revenue mix so that eventually 50% comes from digital, platform, subscription, ad-supported and transactional businesses.
"Full Swing is exactly the kind of strategic platform that reflects how we are building Versant: investing in our core markets, extending the reach of our iconic brands and creating new ways to serve passionate audiences," Lazarus said in a statement.
Full Swing CEO Ryan Dotters will stay on and report to Will McIntosh, president of digital platforms and ventures. Dotters said joining Versant gives his company "the scale and distribution to bring our technology to even more golfers, athletes and fans."
The transaction should close before Dec. 31, the companies said.
Comcast, which owns a majority of Versant's voting shares, carries an Alpha Score of 56 on AlphaScala's platform, a Moderate rating. The spinout structure gives Versant its own currency for deals like this one, letting the sports and media unit pursue acquisitions without directly tapping Comcast's balance sheet.
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