| For Immediate Release MACGREGOR GOLF ANNOUNCES RECAPITALIZATION LED BY EXISTING INVESTORS ALBANY, Georgia, October 22, 2007 -- MacGregor Golf Company, a leading global maker of innovative golf equipment and high performance outerwear, today announced that it has completed a recapitalization led by three of its existing investors which will strengthen its balance sheet and provide significant resources for continued growth. Terms of the investment in privately-owned MacGregor Golf were not disclosed. The existing investors who led the recapitalization are Sankaty Advisors, LLC, an affiliate of Bain Capital, LLC, entrepreneur and leading golf professional Greg Norman, and the Gordon P. Getty Family Trust. MacGregor also announced that its current CEO, Barry Schneider, is leaving the company to spend more time with his family and pursue other business interests. "I have appreciated the opportunity to be associated with so many fine people these past nine years, and wish the Company every success in the future," said Schneider. MacGregor has embarked on an immediate search for a new CEO. On an operating level, the management team remains unchanged. Suzy Biszantz and Dave Hall continue to lead the efforts for Greg Norman Collection, while Reid Gorman remains at the helm of MacGregor Golf North America, John Ennis runs MacGregor Golf Europe, and Makoto Tanaka heads MacGregor Golf Asia. "This recapitalization positions MacGregor for sustained growth," said Norman, who has been appointed Chairman of the Board of Directors and will play an active role in the company's development and marketing. "This is a very positive step for the company, and I look forward to helping unlock the true brand value that is embedded within MacGregor and Greg Norman Collection, and to achieving their full potential." "MacGregor is a company and brand with a strong global heritage and a unique position as an innovative user of advanced technologies that make playing golf more satisfying and fun," said Stuart Davies, a Managing Director at Sankaty Advisors. "We look forward to working with Greg Norman and The Gordon Getty Family Trust to insure that the management team has the right resources to execute the company's plan for continued growth." |