Adams Golf announced Wednesday that, with a bid of $1.5 million and a total purchase cost of $1.65 million, it was the winner at a U.S. Bankruptcy Court auction for the bulk sale offering of Denver-based Progrear Holdings, which includes Yes! Golf and its related assets. The purchase includes acquisition of all of Yes! Golf’s patented putter technology designs (including C-Groove Putters), the company’s registered trademarks and all existing inventory and capital equipment. Yes! Golf will be integrated into the Adams Golf operations in Plano, Texas.
“We have been looking for an attractive avenue into the putter market for some time and believe the Yes! Golf brand and technology platform provides us just such an opportunity,” said Chip Brewer, president and CEO of Adams Golf. “Yes! Golf provides Adams Golf compelling putter technology and a positive brand image, including ongoing tour usage based on the performance of the product alone. The Yes! Golf brand will likely benefit from the inclusion into our operational infrastructure and we intend for it to serve as a source of future growth for our company.”
The purchase is subject to funding that is expected to occur soon. Historical financials prepared by Yes! Golf show that its revenues were approximately $10.2 million in 2007 and approximately $2.4 million in 2010.