Jump to content
IGNORED

Titleist Acquired by Fila Korea Ltd. and Mirae Asset Private Equity for $1.2B


Note: This thread is 4503 days old. We appreciate that you found this thread instead of starting a new one, but if you plan to post here please make sure it's still relevant. If not, please start a new topic. Thank you!

Recommended Posts

  • Administrator

From a press release I was just emailed:

Fairhaven, MA (May 20, 2011) – Acushnet Company announced today 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 is one of the largest golf equipment companies in the world with annual sales of more than $1.2 billion in 2010.  Its premium and storied brands include Titleist, the #1 ball in golf and a leader in high performance golf clubs, and FootJoy, the #1 shoe, glove and performance outerwear brand in golf.
“The Acushnet Company has long been the trusted steward of two of golf’s most revered and iconic brands, and has perpetuated the longest running records of golf equipment success in the game,” said Wally Uihlein, Chairman and Chief Executive Officer, Acushnet Company. “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.”
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 Uihlein and Acushnet’s current management team.
The Acushnet Company has a history of successful growth and evolution. The Golf Division was founded in 1932, with the first Titleist golf ball brought to market in 1935. Fortune Brands acquired the Acushnet Company in 1976, and Acushnet acquired FootJoy in 1985. Acushnet’s net sales in 1975 were $51 million and with the combined strength of both brands have grown more than twenty-fold over the past thirty-five years.
The Titleist golf ball embodies product performance and quality excellence, and has been the #1 ball in golf for over sixty years and still counting. Titleist golf clubs have also earned broad acceptance with golf’s pyramid of influence through an unwavering commitment to performance, quality and fitting.
FootJoy has been the unequivocal leader in the golf shoe product category for more than seventy years and has owned the #1 position in golf gloves for more than three decades.
“We appreciate what Fortune Brands has contributed to the growth of our business over the last thirty-five years,” said Uihlein. “The support, encouragement and guidance they provided helped fuel our leadership position in the industry and marketplace.  Together, we achieved record-setting milestones.”
Established in Italy in 1911, Fila is a leading sport and leisure footwear and apparel brand that is distributed worldwide. The group, led by Fila Korea and Mirae, also includes the National Pension Service of Korea, the fourth largest pension fund in the world, and Korea Development Bank, Korea’s largest government-owned bank.
“The acquisition of Acushnet transforms our platform with a stable of premier world class brands,” said Gene Yoon, Chairman and Chief Executive Officer, 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.”
“We are very impressed with what Acushnet management and employees have accomplished so far,” said JH Ryu, CEO, Mirae Asset Private Equity. “We will fully support the company to remain focused on its core golf expertise and continue driving the growth of the industry.”
"Titleist and FootJoy are powerful global golf brands,” said Uihlein. “The fact that Asia Pacific represents over 30% 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.

Yes, this Fila:

Erik J. Barzeski —  I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
Director of Instruction Golf Evolution • Owner, The Sand Trap .com • AuthorLowest Score Wins
Golf Digest "Best Young Teachers in America" 2016-17 & "Best in State" 2017-20 • WNY Section PGA Teacher of the Year 2019 :edel: :true_linkswear:

Check Out: New Topics | TST Blog | Golf Terms | Instructional Content | Analyzr | LSW | Instructional Droplets

Link to comment
Share on other sites

Awards, Achievements, and Accolades

Hmmm, I'll be watching to see what this does to the stock price.  Not much has changed since they first announced this in Dec 2010.  Down less than 1% so far today.  Curious to see if the "buy on rumor, sell on news" plays out here.

Link to comment
Share on other sites


Looks like Wally just "won" the lottery. Haha! Geddit? Like the Korean currency? I slay me!

Reads like a sweet deal for Acushnet -- new owner promises to shovel cash into business and otherwise keep hands off. We'll see how that holds up if they start missing their EBITDA targets.

Stretch.

"In the process of trial and error, our failed attempts are meant to destroy arrogance and provoke humility." -- Master Jin Kwon

Link to comment
Share on other sites

Awards, Achievements, and Accolades



Originally Posted by iacas

Yes, this Fila:



Those shoes would go perfectly with a set of AP1s and a Kombi putter!!

Mizuno MP600 driver, Cleveland '09 Launcher 3-wood, Callaway FTiz 18 degree hybrid, Cleveland TA1 3-9, Scratch SS8620 47, 53, 58, Cleveland Classic 2 mid-mallet, Bridgestone B330S, Sun Mountain four5.

Link to comment
Share on other sites



Originally Posted by sean_miller

Those shoes would go perfectly with a set of AP1s and a Kombi putter!!

lol. this has to be the weirdest news Ive heard this week. Fila is a weird brand

Link to comment
Share on other sites




Originally Posted by sean_miller

Those shoes would go perfectly with a set of AP1s and a Kombi putter!!

Anyone remember the Fila Latitude "shank proof" irons with the face in front of the hosel? 2012 AP3 baby!

Stretch.

"In the process of trial and error, our failed attempts are meant to destroy arrogance and provoke humility." -- Master Jin Kwon

Link to comment
Share on other sites

Awards, Achievements, and Accolades

Wow....Fila still exists?

:tmade: SLDR X-Stiff 12.5°
:nike:VRS Covert 3 Wood Stiff
:nike:VRS Covert 3 Hybrid Stiff
:nike:VR Pro Combo CB 4 - PW Stiff 2° Flat
:cleveland:588RTX CB 50.10 GW
:cleveland:588RTX CB 54.10 SW
:nike:VR V-Rev 60.8 LW
:nike:Method 002 Putter

Link to comment
Share on other sites




Originally Posted by sean_miller

Those shoes would go perfectly with a set of AP1s and a Kombi putter!!



Lol!! I use AP1's and I would say you hit it on the head!

Link to comment
Share on other sites




Originally Posted by motteler621

yea look in TJ maxx, their shirts go for 5 bucks. lol



Ha, I just bought a pair of Fila windbreaker pants from Kohl's for like $20.  I can't even find them on the website anymore...

In my Grom XX:
cleveland.gif Launcher 12.0* Fujikura Saishin 65 S and 15* Fujikura Fit-On Gold R // ping.gif G10 Irons, AWT Steel S, Fitted Purple Dot// cleveland.gifCG14 Chrome 56*, 14 // odyssey.gif Crimson Series 550 Mallet, 34" // srixon.gifZ-Star

Link to comment
Share on other sites


Likely nothing will change.  Fila will be a hands-off own who lets Titleist go about their business, which really would be nothing different than what Fortune Brands did.

Whats in my :sunmountain: C-130 cart bag?

Woods: :mizuno: JPX 850 9.5*, :mizuno: JPX 850 15*, :mizuno: JPX-850 19*, :mizuno: JPX Fli-Hi #4, :mizuno: JPX 800 Pro 5-PW, :mizuno: MP T-4 50-06, 54-09 58-10, :cleveland: Smart Square Blade and :bridgestone: B330-S

Link to comment
Share on other sites


  • Administrator

Originally Posted by TitleistWI

Likely nothing will change.  Fila will be a hands-off own who lets Titleist go about their business, which really would be nothing different than what Fortune Brands did.


Probably this, yes. Just got another email to the Team Titleist members:


Dear Erik:

As you may recall, we reached out to you back in December 2010 to provide you with an update surrounding the news that Fortune Brands, the parent company of the Acushnet Company, had approved a plan for the sale of the Acushnet Company.

Earlier today, Fortune Brands announced that it has signed an agreement for the sale of Acushnet Company to a consortium led by Fila Korea Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea.

As part of the announcement it was communicated that Acushnet's worldwide headquarters will remain in Fairhaven, Mass., and Fila Korea and Mirae have expressed their intent to maintain Acushnet as a standalone operation and keep the Acushnet management team in place.

Together, with our new owners, our mission remains unchanged, and that is to continue to perpetuate and grow the Titleist and the FootJoy brands as the product category leaders in quality and performance.

To provide you with some additional insight and details surrounding the announcement we have included links to a blog post and press release below.

All of us at Team Titleist truly appreciate your continued support as your enthusiasm for the Titleist brand has helped us build upon our leadership position in the industry.

We look forward to this next chapter in the storied success of Titleist and we are excited to have all of our valued Team Titleist members on-board for the journey.

  • Upvote 1

Erik J. Barzeski —  I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
Director of Instruction Golf Evolution • Owner, The Sand Trap .com • AuthorLowest Score Wins
Golf Digest "Best Young Teachers in America" 2016-17 & "Best in State" 2017-20 • WNY Section PGA Teacher of the Year 2019 :edel: :true_linkswear:

Check Out: New Topics | TST Blog | Golf Terms | Instructional Content | Analyzr | LSW | Instructional Droplets

Link to comment
Share on other sites

Awards, Achievements, and Accolades

Thanks for the updates Erik.  Good to see that Titleist and Footjoy not only won't be gobbled up by a competitor but also left alone to continue to develop their brands as standalone businesses.  Hopefully Fila Korea maintains this philosophy beyond the acquisition period and doesn't attempt to merge them or change their business practices.

Joe Paradiso

Link to comment
Share on other sites

Awards, Achievements, and Accolades

Originally Posted by Stretch

Anyone remember the Fila Latitude "shank proof" irons with the face in front of the hosel? 2012 AP3 baby!

Capture.JPG

Capture2.JPG

Link to comment
Share on other sites


great, more outsourcing

I can't see any good in this

taylormade.gif - Taylor Made R11 Driver, 9*
taylormade.gif - Burner 2.0" 4-AW Steel
vokey.gif - Vokey 56*, 60*, 64*
odyssey.gif - Odyssey ProType PT 82

titleist.gif - Pro-V1  taylormade.gif - TMX Stand Bag
Link to comment
Share on other sites


  • Administrator

Originally Posted by q7w

great, more outsourcing

I can't see any good in this

Did you read anything above?

  • Upvote 2

Erik J. Barzeski —  I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
Director of Instruction Golf Evolution • Owner, The Sand Trap .com • AuthorLowest Score Wins
Golf Digest "Best Young Teachers in America" 2016-17 & "Best in State" 2017-20 • WNY Section PGA Teacher of the Year 2019 :edel: :true_linkswear:

Check Out: New Topics | TST Blog | Golf Terms | Instructional Content | Analyzr | LSW | Instructional Droplets

Link to comment
Share on other sites

Awards, Achievements, and Accolades



Originally Posted by q7w

great, more outsourcing

I can't see any good in this



So where's the bad?

In the race of life, always back self-interest. At least you know it's trying.

 

 

Link to comment
Share on other sites


Note: This thread is 4503 days old. We appreciate that you found this thread instead of starting a new one, but if you plan to post here please make sure it's still relevant. If not, please start a new topic. Thank you!

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×
×
  • Create New...

Important Information

Welcome to TST! Signing up is free, and you'll see fewer ads and can talk with fellow golf enthusiasts! By using TST, you agree to our Terms of Use, our Privacy Policy, and our Guidelines.

The popup will be closed in 10 seconds...