Published: Fri, May 12, 2017
Markets | By Noel Gibbs

Sold to private equity firm

Sold to private equity firm

Adidas had been asking for $500 million for TaylorMade, the newspaper said.

Adidas officially exited the golf equipment business after selling their brands to KPS Capital Partners, a private equity firm based out of NY. TaylorMade was founded in 1979 by golf equipment salesman Gary Adams with a focus on metalwoods, and the brand was purchased by Adidas in 1998. Nike announced a year ago that it would also focus on golf clothing and stop selling golf gear, like clubs. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. Day and McIlroy have shoe and apparel deals with Nike. A year ago combined sales fell by one per cent.

Korea's Moon to send delegation to China amid frayed ties
The THAAD is increasingly opposed among many South Koreans, particularly based on Trump's calls for them to pay for it. The South Korean statement said Trump said North Korea's nuclear problem was hard , but one that could be resolved.

Adidas's sale of its golf brands to a newly formed unit of KPS is expected to be a mix of cash, secured note and continued considerations, according to Adidas. The acquisition comes one day after TaylorMade signed Rory McIlroy to its roster in a $100 million equipment deal.

They will still make golf apparel and footwear. Adidas paid $1.4 billion for the company at the time.

Korea, says new South leader
Moon also told Xi that he will soon send a special delegation to Beijing to discuss the issues of THAAD and North Korea. He has said he would be prepared to go to Pyongyang "if the conditions are right".

The other companies that Adidas held were not worth as much.

Adidas chipped out of the bunker today as it finally sold off its struggling golf brands to focus on footwear and sports clothing. The company bought Ashworth for $72.8 million in 2008 and Adams Golf in 2012 for $70 million. Golfsmith, a golf equipment retailer, also filed for bankruptcy a year ago.

ART giving longer life to young HIV sufferers
This is particularly true in the developing world, where the majority of HIV deaths occur because access to drugs is limited. The average life expectancy in the USA is now 79 years on average, or just under 77 for men and just over 81 for women.

While the National Golf Foundation has cited recent positive signs - first-time golfers reached a record high in 2016 (2.5 million) - the sport has had a hard time retaining those who try it.

Like this: