South Korean consortium buys Acushnet
On 29 July 2011, a South Korean consortium led by sports apparel brand Fila Korea completed a deal to buy Acushnet Co., the maker of Titleist golf balls and FootJoy footwear, for $1.23 billion from Fortune Brands Inc. the sale was announced on May 20.
US-based Acushnet is a golf equipment company with annual sales of more than $1.2 billion in 2010. Its premium brand, FootJoy, specialises in shoe, glove and performance outerwear in golf.
“The Fila Korea and Mirae Asset Private Equity group understands and appreciates our golf industry leadership, passionate associates, and enduring culture,” said Wally Uihlein, chairman and CEO of Acushnet. “Together with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.”
Acushnet will remain as a standalone company through separate operation from Fila Korea, with its headquarters remaining in Fairhaven, Massachusetts, US. The transfer in ownership will be seamless to consumers and customers, enabling Titleist and FootJoy to continue their momentum in the marketplace.
The new ownership group includes: Fila Korea, private equity firm Mirae Asset Private Equity, and the National Pension Service of Korea, the fourth largest pension fund in the world. The Korea Development Bank, Korea’s largest government-owned bank, is also providing financing for the acquisition.
“We are excited and proud to be part of the storied history of successful growth and evolution of Titleist and FootJoy – two revered and world-class brands,” said Gene Yoon, chairman and CEO, Fila Korea. “We are impressed by the decades of accomplishments achieved by the management team at Acushnet, and fully support its continued focus on the core golf expertise at which they excel. We look forward to growing the brands around the globe, especially with the opportunities in the emerging markets in Asia.”
