Successful sale of GolfRange GmbH to Murhof Group


Blue Corporate Finance (BlueCF) exclusively advised Waterland Private Equity Investments (Waterland) and other minority shareholders of GolfRange GmbH (GolfRange) on the sale of their shares to the Austrian Murhof Group. Waterland represents already the 5th private equity fund BlueCF advised this year in a M&A project.

Our Mandate

Blue Corporate Finance advised the shareholders of GolfRange on the successful sale to the Austrian Murhof Group.
Deal rationale
GolfRange is the largest golf course operator in Germany. Waterland had successfully accompanied GolfRange as an active investor over the last four years in its growth. During this period, sales and earnings have been increased by 68% in an overall stagnating market. The Merger of Murhof Group and GolfRange creates a strong market leader in the German speaking golf market. The synergies enable both companies to expand their market leadership in the relevant golf market. GolfRange remains independent with the management remaining in place.


GolfRange makes the golf sport more accessible and affordable for everyone. The company operates nine suburban 9-hole golf courses as well as an 18- and 27-hole course in Germany. Unlike traditional golf clubs, the golf courses can be reached in 20-30 minutes from the city center. Golfing at GolfRange is relatively inexpensive and the company offers very flexible membership models.

Buyer / Investor

The Murhof Group, Austria`s largest golf course operator, has 14 golf courses and two golf hotels Murhof and Maria Lankowitz. Over 15,000 members and green fee players appreciate the course qualities and the service of each club. The Murhof Group regularly organizes big tournaments and national championships on their golf courses.



Philipp Schlüter


Andreas Kinsky

Customer Statements

BlueCF was a very professional partner throughout all phases of the transaction. Especially in the final negotiations, the partners have demonstrated the necessary intuition and sensitivity to bring the deal to a successful conclusion.

Dr. Carsten Rahlfs


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