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It underwent a company voluntary association, by which 26 of its 117 golf equipment have been closed completely, and Caledonia invested £22 million to retain ownership of the corporate. Permira bought a stake within the firm in August 2005, which valued the business at £1.89 billion. This was later followed by a sequence of personal equity gross sales of the company starting in February 2003 to the personal equity firms Candover and Cinven. This merger with Granada led to the corporate rebranding as Gala Golf Equipment later that yr.
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