The Acushnet Company’s (Titleist, FootJoy) sale to a consortium led by Fila Korea, Ltd. and Mirae Asset Private Equity, is officially complete. Acushnet parent Fortune Brands announced the $1.23 billion cash sale this May 20.
Don’t expect many (if any) outward changes from Acushnet, which has annual sales of more than $1.2 billion and boasts the top-selling golf ball brand (Titleist) and the top-selling shoe brand (FootJoy). The Fairhaven, Mass., based company has for years been the best-run company in the golf industry. If anything, the new Korean-based ownership should strengthen Acushnet’s efforts in the Asian markets.
“The Fila Korea and Mirae Asset Private Equity group understands and appreciates our golf industry leadership, passionate associates, and enduring culture,” said Wally Uihlein, Chairman and CEO of the Acushnet Company. “Together, with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.”
Acushnet will remain as a standalone company through separate operation from Fila Korea, with its worldwide headquarters remaining in Fairhaven.
The new ownership group includes: Fila Korea, Ltd., the owner of the Fila brand globally; Mirae Asset Private Equity, the largest private equity firm in Korea; and the National Pension Service of Korea, the fourth largest pension fund in the world. The Korea Development Bank, Korea’s largest government-owned bank, is also providing financing for the acquisition.