Golf caddy maker Motocaddy sold to Corbel Capital, handing Ethos a 3.8x exit
What's the deal? MotocaddyDealroom has a profile for this one. Try Dealroom →, a Hertfordshire-based electric golf caddy brand, has been acquired by Los Angeles private equity firm Corbel Capital PartnersDealroom has a profile for this one. Try Dealroom →. The buyout, announced in November 2026, ends a seven-year investment by Ethos PartnersDealroom has a profile for this one. Try Dealroom → and delivered a 3.8x gross and 3.3x net money multiple to Ethos investors. Terms were not disclosed.
What each side brings: Founded in 2004, Motocaddy sells electric and push caddies, cart bags, and accessories in more than 40 countries, and produced the world's first GPS caddy and first touchscreen electric caddy. Corbel gains what principal Christian Hostetter called "the clear category leader, with a loyal customer base."
What happened under Ethos? Ethos invested in 2019, backing chief executive John Helas and his team. By 2026, both revenue and EBITDA had more than doubled.
Why now? During the hold, Motocaddy opened operations in Germany and Australia and launched a US subsidiary in 2021, building a nationwide sales team plus distribution and service centres. More than 40% of sales now come from outside the UK, with North America the fastest-growing region.
What's the endgame? The US market is the next prize. Electric caddies remain early in their US adoption, with the market forecast to grow more than 20% a year to 2030.
"With the US now the biggest growth opportunity, we believe Corbel is the right partner to take Motocaddy to the next level," said Ben Kirby, partner at Ethos Partners. Helas added that the company is "excited to work with Corbel on the next stage of our growth, particularly in the US."
The signal: The sale fits a wider wave of investor interest in golf, from L.A.B. GolfDealroom has a profile for this one. Try Dealroom →'s majority investment from L CattertonDealroom has a profile for this one. Try Dealroom → to the reported contest for TaylorMadeDealroom has a profile for this one. Try Dealroom →. With outdoor-recreation M&A otherwise subdued, Motocaddy stands out as a notable specialist-brand exit — though the undisclosed price makes it hard to rank against the sector's larger deals.
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Image credit: Generated with Gemini
