The largest Korean equity firm Fila Korea Ltd. and Mirae Asset Private Equity has agreed to by Acushnet, parent company of Titleist, FootJoy and Pinnacle for roughly $1.3 billion.
“The Fila Korea and Mirae group understands and appreciates our golf industry leadership, passionate associates, and unique and enduring culture. Together, with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.” ~Acushnet CEO Wally Uihlein
No major changes to Acushnet’s management team are expect currently and its worldwide headquarters in Fairhaven, Massachusetts should remain just that.
“The acquisition of Acushnet transforms our platform with a stable of premier world class brands. 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.” ~Gene Yoon, Chairman and Chief Executive Officer, Fila Korea, Ltd.
Back on December 8th I started up a petition to have HOG users chip in and buy Acushnet. Apparently the $19.60 we scraped up wasn’t quite enough. Maybe next time.
That should shake up some people at Addidas (who ownes TaylorMade) and Nike, that Tittlest and Footjoy are going to be owened by Fila.