Acushnet Company announced Friday 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.
Acushnet Company has annual sales of more than $1.2 billion in 2010 and its brands include Titleist and FootJoy.
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 Wally Uihlein, Acushnet chairman and chief executive officer, and Acushnet’s current management team.
'Titleist and FootJoy are powerful global golf brands,” Uihlein said. “The fact that Asia Pacific represents over 30 percent of the world's total golf equipment spending, and that South Korean golfers are among the most passionate and organized in the game, is testament to the significant investment in the Acushnet Company by the Fila Korea and Mirae group. They recognize the strength of the brands and opportunities for growth particularly in golf's emerging regions.”
The sale is subject to certain closing conditions, including regulatory approvals, and the transaction is expected to close this summer.
“The acquisition of Acushnet transforms our platform with a stable of premier world class brands,” said Gene Yoon, chairman and CEO, Fila Korea, Ltd. “We are equally excited to embrace Acushnet’s exceptional management team led by Wally Uihlein. With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunities for growth in the emerging markets in Asia.”