Adidas sells off TaylorMade golf unit to private equity firm

TaylorMade

TaylorMade

The German giant sold the business to investment firm KPS Capital Partners for $425 million (£328 million) nearly two years after putting it up for sale.

The German apparel giant first announced its plans to shop the units last May, and at the time said a sale of the golf equipment brands would allow it to focus on core offerings.

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For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.

Bradley scores 29, Celtics power past Wizards, 123-101
So far, that home court advantage has been just that with the victor in each of the first five games being the home team. The Washington Wizards are allowing 35.1 percent shooting from deep and are grabbing 42.5 rebounds per game.

TaylorMade Golf, which has been up for sale for a year now, has finally found a buyer. In 2012, Adidas golf brought in $1.7 billion in revenue.

Adidas will get $425 million, around half of which will be paid in cash and the rest in secured notes and contingent considerations, the company said in a statement on Wednesday. Rory McIlroy recently signed a long-term deal with TaylorMade. The company has sold off its golf brands for a total of $425 million. Adidas competitor Nike Inc. last summer said that it too would exit the golf equipment industry, focusing instead on apparel and footwear. It added Carlsbad-based golf shirt pioneer Ashworth in 2008.

Though it remains the global number one player in its sector, TaylorMade saw sales dip one percent previous year to 892 million euros amid falling player numbers in the United States. "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". The deal is expected to be completed later this year and comes a day after the company signed Rory McIlory to an endorsement deal.

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