May 12, 2021 - Economy

TaylorMade Golf sold to Seoul's Centroid Investment Partners

Illustration of a U.S. quarter on a golf tee

Illustration: Annelise Capossela/Axios

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.

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