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Edwin Watts Merges with Investment Firm

FORT WALTON BEACH, Fla. -- Edwin Watts Golf has sold an undisclosed stake of its business to a New York-based private investment firm.
Wellspring Capital Management LLC has been brought in to provide investment capital to fund future expansion plans, said Ronnie Watts, co-founder and co-CEO of Edwin Watts Golf.
'It's basically just a merger,' said Watts, who founded the Fort Walton Beach-based company in 1968 with his brother Edwin.
'We are lean and mean and ready to grow now.'
The brothers, both former golf pros, will continue to run the company. The entire management team and all associates also will remain in place.
'We're still running the company with all the same people,' Edwin Watts said. 'There will be no changes at our local stores, except now we have the funds available to grow the company.'
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