Ending months of speculation as to its future ownership, the Acushnet Company (Titleist, FootJoy) announced today that its parent company, Fortune Brands, Inc., has signed a definitive agreement for the sale of the company to a group led by Fila Korea, Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea. The sale price has been reported at $1.23 billion in cash.
Acushnet Company is one of the largest golf equipment companies in the world with annual sales of more than $1.2 billion in 2010. Titleist golf balls and FootJoy shoes each dominate market share and equipment counts on the professional golf tours.
Don’t look any for major changes at the Fairhaven, Mass., based company, which has the strongest and most stable management in the golf industry. After the acquisition, Acushnet will remain as a standalone company through separate operation from Fila Korea, with its worldwide headquarters remaining in Fairhaven, Mass., and led by Uihlein and Acushnet’s current management team.
“The Acushnet Company has long been the trusted steward of two of golf’s most revered and iconic brands, and has perpetuated the longest running records of golf equipment success in the game,” said Wally Uihlein, Chairman and Chief Executive Officer, Acushnet Company. “The Fila Korea and Mirae group understands and appreciates our golf industry leadership, passionate associates, and unique and enduring culture. Together, with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.”