Titleist parent Acushnet appears closer to long-awaited public offering

Titleist and FootJoy parent Acushnet Holdings Corp. today moved one step close to its long-awaited public offering. The company announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.

Titleist parent Acushnet files Form S-1 ahead of IPO

Titleist parent Acushnet files Form S-1 ahead of IPO

The total number of shares to be offered and the price range for the proposed offering have not yet been determined. Those numbers, when announced, could serve as a barometer for the entire golf industry as Acushnet is the industry’s largest golf company as Titleist and FootJoy two of the industry’s most revered brands. Acushnet said it  intends to apply to list the common stock under the symbol “GOLF.”

J.P. Morgan and Morgan Stanley are acting as lead book-running managers and as representatives of the underwriters. Nomura and UBS Investment Bank are also acting as lead book-running managers. Credit Suisse, Daiwa Capital Markets Deutsche Bank Securities, Jefferies and Wells Fargo Securities are also acting as joint book-running managers.

The shares of common stock to be sold in the offering will be sold by existing stockholders of Acushnet.

The Form S-1 revealed a peak behind the curtain of the traditionally information-shy Acushnet company, including the fact that Acushnet CEO Wally Uihlein received a $7.5 million cash bonus the first quarter of this year and that longtime FootJoy President Jim Connor is expected to retire at year’s end.

The Form S-1 also revealed that Acushnet Q1 2016 were $442 million versus $416 million in Q1 of 2015. Acushnet’s overall sales in 2015 were $1.5 billion, about $800,000 less than in 2014.

Acushnet’s golf ball sales in Q1 of 2016 were down 4.1 percent compared to Q1 of 2015 to $130.4 million. Titleist clubs and apparel sales each increased in Q1 of 2016, as did FootJoy sales.


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