Courtesy of TaylorMade Golf
South Korea s lesser-known private equity firm Centroid Investment Partners has acquired US sports equipment manufacturing firm TaylorMade Golf Co. for 1.8 trillion won ($1.7 billion), marking the largest-ever acquisition in the golf goods industry.
The cross-border transaction became the six-year-old PEF s first deal in the billion dollar range, beating four other unidentified shortlisted candidates, including a global strategic buyer, according to investment banking sources on May 11.
Centroid Investment has signed a share purchase agreement with the US-based KPS Capital Partners that is set to pocket more than four times its investment from the exit in four years. It took over TaylorMade from Adidas for $425 million in May 2017.