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An investor consortium led by the Seoul-based equity firm Centroid Investment Partners that has closed a $1.87 billion deal to buy a 100 percent stake in TaylorMade Golf revealed plans of going public.
The seller was US private equity firm KPS Capital Partners.
The consortium wants enough room to seek a “considerable amount of capital gain” when the US-based golf equipment and clothing maker goes public.
According to Centroid, TaylorMade’s enterprise valuation is lower than product rivals Acushnet Holdings, which owns the Titleist brand, and Callaway Golf, considering the three firms’ profit-generating capacity.
The market cap of Acushnet, which owns the Titleist brand, came to $3.9 billion as of Monday, while Callaway Golf’s market cap stands at $6 billion.
The announcement of the finalized deal comes months after Centroid signed a definitive agreement to acquire TaylorMade.
The seller KPS Capital Partners exited from TaylorMade after its enterprise value soared by 4.4 times since its $425 million acquisition in 2017.
The transaction comprises $532 million in equity, $405 million in redeemable preference shares for risk hedging, as well as $933 million financings for senior and subordinated debts combined.
F&F is a strategic partner that has injected 500 billion won in Centroid with the contractual right to be given priorities in TaylorMade Golf shareholder's new business transaction.
