KPS Capital Partners has today confirmed it has signed a definitive agreement to sell TaylorMade Golf Company Inc. to Centroid Investment Partners.
According to Korea Economic Daily, TaylorMade is reportedly being sold to the private equity firm in Seoul, Korea, for a whopping $1.6 billion.
TaylorMade Golf has been sold to a Korean Private Equity firm for $1.6 billion.— The Par Train (@TheParTrain) May 11, 2021
The newspaper reports it is the largest-ever acquisition in the golf industry.
Remember, TaylorMade was bought for 425 million 4 years ago.
Completion of the transaction is subject to customary closing conditions and approvals.
TaylorMade - the golf manufacturing giant that sponsors the likes of Tiger Woods, Rory McIlroy and Dustin Johnson - was acquired by KPS Capital Partners back in 2017 from adidas Golf in a deal reportedly worth £425 million.
The report reads: "TaylorMade was transformed under KPS' ownership into a fully independent, focused golf equipment company that achieved market leadership in all its key product categories and experienced the highest growth rates in the industry.
"TaylorMade invested heavily in industry leading equipment technologies, introduced a series of revolutionary new products, achieved significant market share growth in golf balls, built new manufacturing and distribution facilities, and successfully refocused its marketing strategy, including the expansive build-out of one of the most advanced digital platforms in the business.
"As a result of these initiatives, the Company rapidly progressed from generating material operating losses between 2015 and 2017 to substantial growth in profitability each year under KPS ownership."
David Abeles, CEO of TaylorMade, said: "Our partnership with KPS has been extraordinary. It has been inspiring and incredibly productive to work with the team across the firm.
"From the beginning, KPS had the vision to recognize the strength and potential of the TaylorMade brand and business. Under KPS's ownership, TaylorMade has become a far better company by investing in our operations, product technology pathways, product development processes and, importantly, in our people. TaylorMade has never been better positioned for future growth than we are today."