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S. Korea's F&F to invest $350.5 million in TaylorMade Golf buyout
South Korean clothing company F&F is investing $350.5 million in subordinated equities and mezzanine instruments to back a proposed $1.8 billion private equity firm-led 100 percent acquisition of California-based golf equipment maker TaylorMade Golf.
F&F, a licensee of brands such as MLB and Discovery, took the spot in the deal of local rival The Nature Holdings, which withdrew from its $87.6 million commitment.
The proposed buyer of TaylorMade is a single-deal fund managed by Seoul-based Centroid Investment Partners and the Korea Federation of Community Credit Cooperative.
F&F will become a new strategic partner of the fund upon the transaction's completion in August.
With South Korea estimated to be the third-largest golf market following the US and Japan, South Korean investors have developed a robust appetite for international golf equipment brands.