Waterland acquires majority stake in German golf court operator GolfRange

Munich (Germany), July 8, 2008 - Waterland announced today that it has acquired a majority stake in GolfRange, the fastest growing concept in the German golf market.

GolfRange was set up about ten years ago when a number of private investors identified a niche in the golf market and decided to develop a business concept out of the idea of making golf accessible and affordable for everyone. The concept consists in building city-near 9-hole courts with large practice facilities in an area of high population density while at the same time offering its customers maximum time savings and value for money. Since then, the company, headquartered near Munich (Germany) has successfully occupied the niche using sound business    know how and its concept has grown into a profitable business model. Today, GolfRange is serving over 55000 customers in 9 locations in 7 large German cities (Augsburg, Berlin, Bremen, Dortmund, Hamburg, Munich (3x)   and Nurnberg).

To further accelerate its growth and expand its offer, GolfRange intends to build new 9-hole courts while at the same time acquiring existing 9 and 18-hole golf facilities. To achieve this buy & build strategy, GolfRange concluded a powerful partnership with Waterland who will, as of today, support GolfRange with implementing its expansion plans and thus enable a fast growth in the coming years. Waterland is familiar with the golf industry through its stake in Golf Management Group in The Netherlands which it has been supporting since 2006. Like GolfRange, Golf Management Group has the objective to manage the development and operations of golf courts in a professional manner.

Dr. Florian Bosch, managing director of GolfRange, commented: „Waterland is an ideal partner for our expansion. With their financial, strategic and operational support, we expect to reach our goals even faster. The fact that Waterland knows the golf market through its stake in Golf Management Group, makes us very happy to welcome them in our investor community.“

Jörg Dreisow, principal of Waterland, shared this view: „GolfRange mirrors the growing market of the German golf industry. Its professional management makes it a leading player compared to the competition. Through a joined, focused expansion of the company, we are confident that we will further reinforce GolfRange’s leading position on the German golf market. By backing this successful concept, we are fully meeting the expectations of our own investors.”

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