KPS Capital Partners to acquire TaylorMade from adidas for $425m

KPS Capital Partners has announced that, through a newly formed affiliate, it has signed a definitive agreement to acquire the TaylorMade Golf Company – including the TaylorMade, Adams and Ashworth brands – from adidas AG for $425 million, around half of which will be paid in cash, with the remainder in a combination of secured notes and contingent considerations.Founded in 1979 and headquartered in Carlsbad, California, TaylorMade is a leading designer and manufacturer of high-performance golf equipment, golf balls and accessories, playing a critical role on the PGA TOUR with one of the strongest athlete portfolios in golf, including six players ranked in the current Top 12 in the world.David Shapiro, managing partner of KPS, said, "The combination of this iconic brand and KPS' track record of working constructively with talented management teams to make businesses better will provide the ideal foundation for TaylorMade's future growth."David Abeles, chief executive officer of TaylorMade, said, "Given their strategic vision, operational resources and significant access to capital, KPS is the ideal partner to help TaylorMade build upon its strong momentum."Completion of the transaction is expected later in 2017 and is subject to customary closing conditions and approvals.