Private equity firm KPS Capital Partners LP is purchasing TaylorMade Golf Co., a U.S. manufacturer of golf clubs and accessories, from sports retail giant Adidas AG. The deal, which is valued at $425 million, welcomes TaylorMade as the only sportswear brand to KPS’ portfolio.
TaylorMade designs “high-performance” golf equipment, including: drivers, wedges, irons, golf balls, putters, golf bags, gloves, hats and visors, apparel, and travel gear. The Carlsbad, California-based target distributes its products using the Adams, TaylorMade and Ashworth brands. The target is heavily involved in the PGA Tour with a strong portfolio of athletes that features Tiger Woods and Sergio Garcia. The acquisition comes one day after TaylorMade signed Rory McIlroy to its roster in a $100 million equipment deal. As part of the deal, McIlroy will sport the brand's full bag, staff bag, and its golf ball. McIlroy's apparel and footwear will remain with Nike, as he recently signed a contract extension.