The golf brand TaylorMade is changing hands, with a Korean private equity firm acquiring the company amid a global boom in the sport.
Seoul-based Centroid Investment Partners has agreed to buy TaylorMade from New York-based KPS Capital Partners, Centroid said in a statement Tuesday.
Terms weren’t disclosed. The Korea Economic Daily newspaper said the deal was worth 1.8 trillion won ($1.6 billion), citing unidentified people.
TaylorMade, established in 1979, makes golf clubs, balls and accessories used by top pros such as Dustin Johnson, Tiger Woods, Rory McIlroy, Maria Fassi and Sierra Brooks.
The acquisition is a “transformational investment” for Centroid, Chief Executive Officer Jinhyeok Jeong said in the statement. “The industry is currently experiencing high demand, increased participation, with strong long-term opportunities around the world,” he said. “TaylorMade is an iconic brand with continued momentum across the key golf equipment categories and regions, especially the Korean and wider Asian markets.”
Korea is the world’s third-largest golf market, after the U.S. and Japan, Centroid said.
The sport has been on a tear during the coronavirus pandemic, driven by its status as a pursuit with natural social distancing.
DLA Piper and Kim & Chang served as legal counsel to Centroid, and KPMG, Bain & Co. and Caple Advisory acted as advisers.