Capstone Partners Advised Five Star Golf Cars & Utility Vehicles on its Sale to JLAM Holdings, Inc.

Capstone Partners advised Five Star Golf Cars & Utility Vehicles—a leading distributor of E-Z GO golf cars—on its sale to JLAM Holdings, Inc. Terms of the deal were not disclosed.

Five Star Golf Cars & Utility Vehicles is a full-service golf car dealer with retail and service locations in New York, Massachusetts, Maine, and New Hampshire. As the certified E-Z GO distributor for New England, Eastern New York, and surrounding states, the company carries the full line of E-Z GO new and used golf cars, utility and recreational vehicles, and associated parts and accessories. The company also offers Cushman and Tomberlin recreational vehicles and accessories.

Five Star was represented by a cross-sector deal team with members from both Capstone’s Consumer Investment Banking team and Business Services Investment Banking team. Additional advisory services were provided by Capstone’s Financial Advisory Services (FAS) team.

JLAM Holdings, LLC is a family business that acquires medium and large private businesses with the aim of maintaining and improving their long-term growth and sustainability. With JLAM’s backing and their own existing relationships, client base, and capabilities, Five Star Golf Cars will be well positioned to dominate in the markets they serve.

Matt McDonald, Co-Founder, Five Star Golf Cars, said

"Capstone’s deep industry expertise and skillful process acumen led to an outcome that exceeded our initial expectations. They ran an efficient process, always made themselves available, and were patient with our many questions. Capstone delivered on all their commitments, and we were very pleased with the outcome of our engagement."

Paul Louie, Managing Director in Capstone’s Vehicle Aftermarket Practice, added

“This transaction highlights the ever-increasing investor appetite in specialty vehicle retail and distribution. More significantly, it exemplifies Capstone’s ability to offer our clients relevant industry, product, end market, and business model expertise through multiple sector groups at the firm."

Bob Balaban, Managing Director and Head of Capstone’s Business Services Practice, stated 

“The world-class team at Five Star has earned a reputation as a premier distributor of golf cars to a broad base of customers in the Northeast. It was a pleasure to support the Five Star team throughout the process and deliver a great outcome for the company and its employees.” 

Ross Levin, owner at JLAM Holdings, commented

“This is a great opportunity for both companies to combine their strengths and really build a powerhouse company that can provide tremendous levels of service and sales for the whole region and eventually beyond.”