This article was published on June 13, 2025, at 2:16 p.m. on the ChosunBiz MoneyMove site.
TaylorMade, one of the world's top three golf companies (Titleist, Callaway, TaylorMade), has officially begun the process of selling its management rights. It has started sending teaser letters to potential domestic and foreign buyers, particularly attracting interest from global private equity (PE) firms of Chinese origin.
According to the investment banking (IB) industry on the 13th, Centroid Investment Partners, a domestic PE firm holding the management rights to TaylorMade, recently sent teaser letters to domestic and international financial investors (FIs) and strategic investors (SIs) through its sale coordinators, JP Morgan and Jefferies. The desired sale price is reported to be around 5 trillion won.
So far, Chinese FIs and SIs, as well as Middle Eastern FIs, have been considered as strong candidates in the market. It is reported that Centroid has sent teaser letters to SIs and PEs, such as Anta Sports in China, and major sovereign wealth funds in the Middle East.
The industry reports that global Chinese PEs are particularly interested. Some operators have been in contact with Centroid even before the teaser letters were sent. Notable global Chinese PEs include Hillhouse Capital, CITIC Capital, IDG Capital, BOYU Capital, and Fountainvest.
An IB industry insider said, "The junior golf population in China is growing by 100% annually, and the local golf market is rapidly expanding. Brands like Honma and Descente are also reported to be performing well in China."
Another industry insider noted, "China has strong capital and technology, but the lack of premium brands remains a weakness," adding, "This seems to be why they are interested in acquiring TaylorMade."
Centroid, which holds the management rights to TaylorMade, is known to be hoping for a sale price of 5 trillion won. This is based on the stock price of Titleist (Acushnet Holdings), which is listed on the New York Stock Exchange.
Last year, TaylorMade's earnings before interest, taxes, depreciation, and amortization (EBITDA) were estimated at approximately $222 million (around 310 billion won). Applying a multiple of 15 to 16 times would amount to about 5 trillion won.
However, it may become a variable that F&F, a fashion corporation that participated as an SI during the acquisition of TaylorMade, is still opposed to the sale. F&F holds a preemptive right and the right to approve significant matters regarding TaylorMade. F&F has repeatedly expressed its intention to exercise its preemptive right to oppose the sale, stating, "Let’s not sell now; let the company grow bigger, and then we can consider going public." It is reported that Centroid is internally considering options such as filing for an injunction against the sale once formal proceedings for the sale of TaylorMade begin.
In contrast, Centroid has maintained that 'sale' is not included within the scope of the preemptive right. They argue that the authority to sell lies with them, the FIs, and that F&F, as an SI, does not have the legal right to obstruct it.
Centroid also maintains that the regulations regarding the preemptive right are already clear. If a third party, such as a foreign PE, offers to acquire Centroid, F&F can first take management rights under the same price conditions within 14 days.