TaylorMade sold to KPS Capital Partners for $425 million
The deal is expected to be completed at the end of 2017.
Adidas has today sold TaylorMade, Adams Golf and Ashworth Golf to KPS Partners LP for $425 million.
The news comes just 24 hours after Rory McIlroy penned a €100 million equipment deal with TaylorMade to use the brand's golf clubs, ball and golf bag for the next 10 years.
The sports apparel and equipment brand announced the sale Wednesday; the deal is expected to be completed in late 2017.
EQUIPMENT: RORY MCILROY SIGNS FOR TAYLORMADE
KPS Capital is a private equity firm based in New York City. It manages approximately $5.3 billion in assets across a variety of industries.
"TaylorMade is a leading global golf brand with an exceptionally strong market position," said adidas AG's CEO Kasper Rorstead.
"We would like to thank all TaylorMade employees for their many contributions to our company and wish them all the best for a successful future under their new ownership. At the same time, we welcome all adidas Golf employees who will be integrated into our adidas Heartbeat Sports Business Unit."
Managing partner of KPS David Shapiro said: "TaylorMade is one of the preeminent golf equipment brands worldwide, with leading-edge products that consistently provide consumers a distinct performance advantage over the competition.
"The combination of this iconic brand and KPS' track record of working constructively with talented management teams to make businesses better will provide the ideal foundation for TaylorMade's future growth."
TaylorMade not only supplies golf equipment for McIlroy but world number one Dustin Johnson, 14-time major champion Tiger Woods, Jason Day, Justin Rose and Masters champion Sergio Garcia.
The future of the Adams and Ashworth brands is also unknown.
