Sport life-style company Puma has bought equipment brand Cobra Golf from Acushnet Company, the golf business of Fortune Brands, Inc. The acquisition includes the endorsement contracts of top players including Ian Poulter, Camilo Villegas and JB Holmes.
The company, which was founded in 1948, distributes its products in more than 120 countries, employs more than 9,000 worldwide and has headquarters in Herzogenaurach in Germany, with offices in Boston, London and Hong Kong.
“Through the acquisition of Cobra Golf, we reinforce Puma’s commitment to our sports performance business by strengthening our growing and successful Golf category,” says Jochen Zeitz, chairman and chief executive of Puma.
“Cobra Golf has a history of innovative performance products fused with an edge and is therefore a perfect fit for us, reinforcing our overall mission of becoming the most desirable Sport lif-style company.”
Based in Carlsbad, California, Cobra Golf was founded in 1973 and produced one of the first utility clubs, the Baffler, long before use of such clubs became popular. Recent releases include the new Cobra ZL and S2 drivers, as well as the Baffler Rail hybrid. In 1996, Cobra Golf was acquired by American Brands Inc. (later renamed Fortune Brands) and has since been managed under the Acushnet Company umbrella, along with Titleist and FootJoy.
Acushnet, meanwhile plans to continue to provide services for the Cobra brand, including production, distribution, field sales and customer service, beyond the closing of the sale to assist a seamless transition.
“With the sale of Cobra, we have the opportunity to devote all our resources to the global growth of our industry-leading Titleist and FootJoy brands,” says Wally Uihlein, Chairman and CEO of Acushnet Company.
“At the same time, Cobra is a strong brand with a heritage of innovation, and we wish the quality associates guiding the brand future success. Golfers and our valued partners will remain the key focus throughout the impending sale and we are confident that our customers will continue to be serviced to our high standards.”
Pending regulatory approval, the effective date of the sale of Cobra Golf to Puma is expected to be early in the second quarter with company associates dedicated to the Cobra business expected to become employees of Puma. Financial terms of the have not been disclosed.
Among the players signed to wear Puma clothing and shoes are Johan Edfors, Rickie Fowler and Anna Nordqvist.
