Versant to buy Full Swing in $530mn cash deal

Versant Media Group has agreed to acquire Full Swing from private equity firm Bruin Capital for about $530 million in cash, the companies said. Versant shares were indicated down 0.13% after hours, according to CNBC quote data, as investors weighed another move into digital and platform businesses tied to its existing brands.

The transaction would add golf and baseball simulator hardware and software to a Versant portfolio that already includes Golf Channel, GolfNow and GolfPass. The companies said the deal is expected to close before Dec. 31.

Full Swing develops and sells simulator systems used by consumers, sporting goods retailers and athletic training facilities. Its technology is used by recreational players as well as professional athletes, according to the companies.

The acquisition gives Versant a direct product and technology business inside golf, rather than another linear television asset. Simulator systems combine launch monitors, sensors, screens and software to recreate play or training indoors, creating revenue opportunities from equipment sales, venues, coaching, content and recurring digital services.

Versant Chief Executive Mark Lazarus said in a statement that Full Swing fits the company’s plan to invest in its core markets, extend its brands and create additional services for audiences with strong interest in specific categories.

Full Swing Chief Executive Ryan Dotters said in the same statement that joining Versant would give the company greater scale and distribution for its technology. Dotters will remain with Versant and report to Will McIntosh, president of digital platforms and ventures, the companies said.

Part of a broader shift in revenue mix

The deal follows a strategy Lazarus has described to investors since Versant began trading as a public company in January after its separation from Comcast. Versant has been buying and building businesses that sit alongside its media brands, with an emphasis on digital platforms, subscriptions, advertising-supported services and transaction-based revenue.

Earlier this year, Versant acquired StockStory, an artificial-intelligence-driven platform that provides financial analysis, market insights and stock recommendations, for CNBC. That transaction placed a financial technology product next to a business-news brand, similar to the way Full Swing would sit near Versant’s golf media and services operations.

Versant’s existing golf assets include GolfNow, a tee-time reservation platform, and GolfPass, a digital media and membership product. Full Swing would add a physical technology business serving consumers, commercial venues, coaches and athletes.

In May, Versant reported that revenue in its platforms business rose 9.5% to $192 million. That unit includes GolfNow, Fandango and some recently launched direct-to-consumer businesses.

Versant executives have said they want to rebalance the company so that, over time, half of revenue comes from digital, platform, subscription, advertising-supported and transactional businesses. The Full Swing acquisition would add another asset in that category while retaining exposure to sports, one of the areas the company has identified as a growth focus.

Bruin Capital acquired Full Swing in 2021 for $160 million, Sportico reported at the time. The companies did not disclose additional financial terms for the sale to Versant beyond the approximately $530 million cash purchase price.

This story draws on original reporting from CNBC.