TaylorMade Sold To Private Equity Firm

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Adidas has sold TaylorMade to New York-based private equity firm KPS Partners. The  Ashworth and Adams brands are also included in the deal.

The reported sale price is $425 million, with half coming in cash.

Here are portions of an email sent to employees from TaylorMade CEO, David Abeles:

OVER THE COURSE OF THE PAST 12 MONTHS, I HAVE PERSONALLY COME TO KNOW THE LEADERSHIP TEAM AT KPS AND, LIKE TAYLORMADE, THEY HAVE TALENTED PEOPLE WITH STRONG PROFESSIONAL VALUES WHO SHARE OUR VISION. I COULDN’T BE MORE THRILLED THAT THEY HAVE CHOSEN TO ACQUIRE OUR COMPANY.

TODAY’S ANNOUNCMENT, THAT TTAYLORMADE WILL BE JOINING KPS, MARKS THE NEXT STEP IN OUR JOURNEY TOGETHER, A STEPPING STONE TOWARD REALIZING OUR MISSION AND VISION, AND FOR ALL OF US, AN EXCITING NEW CHAPTER.

THIS IS A GREAT MOMENT TO REFLECT ON TAYLORMADE’S JOURNEY AS PART OF THE ADIDAS GROUP. BEING A PART OF ADIDAS, SINCE 1998, HAS BEEN AN INCREDIBLE RIDE. OVER THE PAST 19 YEARS TAYLORMADE HAS GROWN TO BECOME THE INNOVATION AND PERFORMANCE LEADER IN THE GOLF INDUSTRY, AND HAS STRENGTHENED ITS MARKET SHARE POSITION IN ALL CATEGORIES DURING THIS PERIOD.

OUR REMARKABLE GROWTH WAS MADE MORE POSSIBLE BECAUSE OF ADIDAS’ BELIEF AND SUPPORT. I WOULD LIKE TO THANK KASPER AND THE WIDER TEAM IN GERMANY FOR EVERYTHING THEY HAVE DONE TO HELP US BE SUCCESSFUL. WE LOOK FORWARD TO WORKING CLOSELY WITH KPS AND THE ADIDAS GROUP OVER THE NEXT SEVERAL MONTHS TO INSURE A SMOOTH TRANSITION FOR TAYLORMADE. WE ARE TARGETING FALL 2017 FOR AN OFFICIAL CLOSE DATE AND CHANGE OF OWNERSHIP.

AS ONE CHAPTER CLOSES, ANOTHER ONE BEGINS. SO THIS IS ALSO THE BEGINNING OF A NEW AND EXCITING PHASE IN OUR COMPANY’S HISTORY.