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Ben Hogan Golf Equipment Company closes down after pandemic struggles

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Ben Hogan Golf Equipment Company has confirmed that the business is no longer active after closing its doors last Friday, July 22, 2022.

The company enjoyed a re-inception in 2017, which included its majority shareholder and Manager of the Board for the BHGEC, Ex Works Capital, LLC, acting as the company’s primary source of funding.

However, according to BHGEQ’s CEO and President Scott White, after their investment portfolio was negatively impacted by the COVID-19 pandemic, the shareholder ceased providing financial support to BHGEC in late 2020.

In an email to GolfWRX, White stated:

“I am very proud of what we accomplished at the Company over the last few years. We had a great team and produced some excellent products that we think would have made Mr. Hogan proud. We were simply underfunded and couldn’t pursue a lot of the more expensive initiatives that would have accelerated our growth.”

Per White, after understanding that they could not provide the capital to the BHGEC to fuel continued growth, ExWorks Capital began a sales process (managed by Chiron Financial Investment Bank) in mid-2021 to identify new investors and/or sources of funding. This process was mostly unsuccessful for several reasons, and ExWorks Financial filed for Chapter 11 bankruptcy protection in March 2022.

Despite this, White added that BHGEC was mostly self-sufficient in 2021 and enjoyed its best year ever since pivoting to its DTC business model in 2017. Per White, the average revenue growth rate (2017 – 2022) was over 46.3%, while the company was break even at an operating level in 2021 and would have achieved (and surpassed) profitability targets if not for supply and financial constraints.

The website is still currently operating but features a banner noting that it is “unable to process orders.” While the company closed last Friday, White revealed in the email that he hoped it wouldn’t be permanent but added that it might well be.

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27 Comments

27 Comments

  1. Ph

    Jul 28, 2022 at 8:12 pm

    To be growing nicely and breaking even in the super popular golf industry in mid 2021, the period we will all look back on as the easiest funding environment maybe ever, and not be able to find any financing/investment to keep the business going? Think some further probing is warranted there…glad I didn’t have any money with that investment firm!

  2. David

    Jul 28, 2022 at 1:48 am

    Not a surprise at all. Most golfers only want to buy gear “the pros play” and why component makers have pretty much gone the way of the dodo and are picked up by Golfsmith.

    PXG is only still alive because they are funded by billionaire and he is willing to lose money or have minimal returns (PXG is probably the equivalent of a lemonade stand for the rest of us).

    I was a huge Hogan fan and have many sets of original Hogan irons that I still play when I play “classics” during the summer. Amazingly you can still pick up a pristine set of circa 70s or 80s Hogan irons for $150-300, and they perform just as good as modern blade irons.

    BHGEC could have made it if they sold at component prices, but their price-point was too high for a DTC model, and they didn’t have as deep pockets as Bob Parsons.

    C’est la vie…

  3. Richard Johnson

    Jul 27, 2022 at 2:14 pm

    Sad to see the company go. I’ve played the Fort Worth 15 irons since 2017. Their equalizer wedges, hybrids and fairway woods are really good. But, they catered to a diminishing niche. Nice while it lasted.

  4. BK

    Jul 27, 2022 at 1:32 pm

    So is there any way for us to buy the remaining stock that needs to be liquidated? I read that a stipulation of the Ownership required that nothing else be sold with the Hogan name, but what will happen to all the existing stock? I would love to pick up a set of PTX Pro’s for 1/2 off!

  5. Edward Bardoe

    Jul 27, 2022 at 11:49 am

    The Hogan DTC concept substituted American assembly for Chinese assembly of Chinese made parts in order to allow customizing. Saved the retail store markup, but couldn’t produce enough volume to pay for the TV ads they bought this year. Perhaps also had to pay rental on the Hogan name from Callaway.

  6. Peter

    Jul 27, 2022 at 11:42 am

    good riddance

    • Richard

      Jul 27, 2022 at 1:12 pm

      Did your buddy smoke you with some Hogan irons, 1/3 the price of the trash you used?

  7. John

    Jul 27, 2022 at 11:36 am

    Crap clubs, no big loss.
    Good riddance.

  8. Steve

    Jul 27, 2022 at 10:48 am

    Here is the answer for Hogan, make a deal with Dicks.. Dicks has saved a lot of brand names and Ben Hogan clubs would be a quality addition to their line up a step above Tommy Armour.

  9. pi

    Jul 26, 2022 at 2:21 pm

    Good example why capitalism is a failure: always searching for growth/increased profits. Ben Hogan golf did not close down because they were making a loss, but because they couldn’t grow enough for their investors.

    • Gordy3279

      Jul 26, 2022 at 3:44 pm

      This is the most ignorant thing on this site ever. If you aren’t looking for growth or profits then there’s no point in owning a business. This is why probably you are broke or close to it.

      • Joe

        Jul 26, 2022 at 4:34 pm

        You’re right Gordy, your comment is the most ignorant thing on this site ever. Eventually there’s no more juice to squeeze genius

        • Moe Greene

          Jul 26, 2022 at 4:40 pm

          Wow, the amount of commies in this place is amazing and pathetic. Hope you all get your clubs at the salvation army and you play golf in your backyard as that is the only way your stance on capitalism makes any sense.

          Btw, you must be stealing your neighbors internet as those ISP companies sure do make a profit too. How can you afford it?

          • Ray

            Jul 27, 2022 at 11:34 am

            Straight to the childish insults, as always with you online windbags.
            There is a big difference between making a fair / decent profit and outright GREED.

            I could add at least a dozen easy insults, but then id be at your level.

          • Peter

            Jul 27, 2022 at 11:47 am

            As usual…
            Straight to the childish insults. Speaks to your character IMO.

            There is a big difference between a fair profit and outright GREED. Then again as you have 5,000 worth of PXG in your bag, who am i to tell you how to be a total sucker right?

            People in glasshouses, as usual… SMFH.

            • Moe Greene

              Jul 30, 2022 at 6:42 pm

              Insults? Why you already said you are commies? I am giving you your commie facts. Grow up.

    • CB

      Jul 26, 2022 at 6:04 pm

      What a really stupid comment EVERY company on earth is in business to make money du-dum!!

    • MICHAEL

      Jul 26, 2022 at 8:55 pm

      You do realize there’s never been a successful communist country, nor, one that could feed all it’s (unlucky) citizens. My friends from the former ussr tell me it wasn’t fun waiting in line for toilet paper.

      • Peter

        Jul 27, 2022 at 11:47 am

        I guess you don’t remember COVID.. LMAO

        • JF

          Jul 27, 2022 at 1:17 pm

          Never ran out of toilet paper here. You must be really full of sh*t if you needed that much TP!

  10. Matt

    Jul 26, 2022 at 2:20 pm

    Good riddance.

  11. Brandon

    Jul 26, 2022 at 10:30 am

    DTC isn’t really appealing to most people for something as personal and subjective as golf clubs. I seriously considered the PTX Pro when I was shopping for new irons, but I couldn’t hit them so I didn’t buy them. I know they had some demo program, but that is just too much effort. When I’m buying new equipment I go to the store, hit the ones I like, and get what feels the best.

    • Peter

      Jul 27, 2022 at 11:52 am

      Testing inside is futile and leads to very bad purchases IMHO
      Unless im testing outside, i aint buying

      • Brandon

        Jul 30, 2022 at 8:40 am

        In an ideal world I’d agree with you. Unfortunately the hitting bay is the only place I can go hit all the current equipment back to back. Not disappointed with my Wilson Staff Model CBs though.

  12. Cdub

    Jul 26, 2022 at 9:45 am

    Man that is sad.

  13. Stacey Uchtman

    Jul 26, 2022 at 6:25 am

    RIP

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Equipment

Rickie Fowler and Hideki Matsuyama make big gear changes in Napa

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Andrew Tursky was on site at the Fortinet Championship this week and got all he could handle in terms of new equipment news. There were new irons, drivers, and even headcovers all over the range, so we had to dig into two of the biggest stories out there on this week’s Two Guys Talking Golf Podcast (give us a follow on Instagram: @tg2wrx).

Rickie Fowler’s new irons

Rickie Fowler has been changing a lot of equipment in his bag as he has struggled to get his golf game back into shape. We have seen him with different drivers, shafts, irons, and putters throughout the 2021-2022 season. Fowler has typically played some form of blade during his career, and Cobra even made him some signature Rev33 blades that were beautiful, but razor thin and intimidating for us mortal golfers.

Rickie showed up to the Fortinet with some brand new, unreleased, Cobra King Tour irons. The King Tour irons look a lot like the current Cobra King Tour MIM irons, and we can only assume that the new Tour will replace the MIM.

The interesting thing about the King Tour irons is that they look a little larger than his preferred blades and that they might have a little more ball speed and distance built into them. From the images you can tell there is a little slot behind the face that might be filled with some type of polymer.

Rickie didn’t get into the tech of the new King Tour irons but did tell Tursky that he was gaining around 3-4 yards on shots that he stuck low on the face. He finished the first round of the Fortinet Championship in the top four, so the new irons have seen some success under pressure. I know many of us hope to see Rickie back to form soon, and maybe these new King Tour irons can be the catalyst.

Hideki Matsuyama’s driver change

The other big story comes from a former Masters Champion testing out some new drivers on the range, Hideki Matsuyama. Matsuyama is well known as a golfer who loves to test and tinker with new golf equipment. Each week there is a good chance that he will have multiple drivers, irons, and fairways in the bag searching for the perfect club that week.

Earlier this week, Hideki was spotted with some new, unreleased, Srixon drivers out on the range in Napa. We spotted a few pros testing the new Srixon ZX7 MkII and ZX 5 MkII LS on the range.

Andrew spoke to the Srixon reps and learned Hideki has been trying the new drivers and seems to have settled on a Srixon ZX5 MkII in 10.5 degrees of loft (and his trusty Graphite Design Tour AD DI 8 TX shaft).

The ZX5 MkII LS looks to have an adjustable weight on the sole that is moved far forward —closer to the face — to possibly lower the spin. We haven’t heard anything specific from Srixon on the new drivers, but with their recent success, we would expect to see some solid performance out of the line.

Check out the full TG2 podcast, below

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Whats in the Bag

Tim O’Neal WITB 2022 (September)

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Driver: Titleist TSi2 (10 degrees @9.25)
Shaft: Fujikura Ventus Black 6 X

3-wood: Titleist TSi2 (15 degrees)
Shaft: Fujikura Ventus TR Blue 7 X

5-wood: Titleist TSi2 (18 degrees)
Shaft: Fujikura Ventus Blue 7 X

Hybrid: Titleist TSi2 (18 degrees)
Shaft: Fujikura Ventus Black Hybrid 9 TX

Irons: Titleist T200 (4), Titleist T100
Shafts: True Temper Tour White AMT X100 (4), Nippon N.S. Pro Modus 3 Tour 120 X

Wedges: Titleist Vokey Design SM8 (50-08F @ 51), Titleist Vokey Design WedgeWorks Proto (54-M @ 55, 58)
Shafts: Nippon N.S. Pro Modus 3 125 Wedge

Putter: Odyssey Jailbird PT Customs

Grips: Golf Pride MCC, Lamkin Crossline Cord, Golf Pride Tour Velvet, Golf Pride MCC Align Plus4

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Whats in the Bag

Kirk Triplett WITB 2022 (September)

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Driver: Ping G425 Max (10.5 degrees, 9 degrees)
Shaft: Aldila Tour Blue 70 TX

3-wood: Callaway Epic Speed Flash Sub Zero (13.5 degrees), Callaway Rogue ST LS 3+ (13.5 degrees)
Shaft: Graphite Design Tour AD IZ-7 X, Graphite Design Nano Reloaded YS-Seven X

5-wood: Ping G425 Max (17.5 degrees)
Shaft: Aldila Tour Blue 80 TX

Hybrid: Ping G425 (19 degrees)
Shaft: Aldila Tour Blue Hybrid 85 TX

Irons: Ping i230 (4-PW)

Wedges: Ping Glide 4.0 (50-S12), Ping Eye2 Gorge (56)
Shafts: True Temper Dynamic Gold Tour Issue S400

Putter: Ping Harwood

Grips: Golf Pride Tour Wrap Microsuede

More Kirk Triplett WITBs

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