Puma announced Wednesday that it signed an agreement to acquire 100 percent of Cobra Golf from Acushnet Company. The acquisition includes the Cobra brand as well as related inventory, intellectual property and endorsement contracts and is subject to customary closing conditions and regulatory approvals.
'Through the acquisition of Cobra Golf, we reinforce Puma's commitment to our sports performance business by strengthening our growing and successful Golf category,' said Jochen Zeitz, chairman and CEO of Puma.'Cobra Golf has a history of innovative performance products fused with an edge and is therefore a perfect fit for Puma, reinforcing our overall mission of becoming the most desirable Sportlifestyle company. With Cobra Golf, Puma will capitalize on the many opportunities in the Golf category and upside potential ahead of us.'
Based in Carlsbad, Calif., Cobra Golf was founded in 1973 and in 1996 was acquired by American Brands Inc. (later renamed Fortune Brands) and has since then been managed together under the Acushnet Company umbrella with its other golf brands.
Pending regulatory approval, the effective date of the acquisition of Cobra Golf is expected to be in the second quarter of 2010. Financial terms of the transaction will not be disclosed.