TaylorMade Golf sold to Seoul's Centroid Investment Partners
Centroid Investment Partners of Seoul agreed to buy Carlsbad, Calif.-based golf equipment maker TaylorMade from KPS Capital Partners.
Why it matters: It reflects how golf has boomed in the pandemic, including in both the U.S. and South Korea, due to its fundamental nature as a socially distanced outdoor activity.
Details: No financial terms were disclosed, but the Korea Economic Times pegs the sale price at $1.7 billion. KPS bought TaylorMade from Adidas in late 2017 for $425 million.
The bottom line: "Golf Datatech reported that retail sales of golf equipment produced $2.81 billion in revenue in 2020, which was a 10.1% increase over 2019. It gave 2020 the third-highest annual total since Golf Datatech began tracking the industry, trailing only $2.91 billion in 2008 and $2.87 billion in 2007," Golfweek writes.