Adidas sells off TaylorMade golf unit to private equity firm
NEW YORK (AP) TaylorMade Golf Co., which has signed Tiger Woods and Rory McIlroy to equipment deals this year, has been sold to a private equity firm after being shopped for a year by parent company Adidas.
The agreement announced Wednesday means KPS Capital Partners will acquire TaylorMade for $425 million, about half of that paid in cash.
Carlsbad, California-based TaylorMade was founded in 1979 by Gary Adams, who specialized in metal woods. Adidas bought the company in 1998.
The company has equipment deals with Dustin Johnson, Jason Day and McIlroy, three of the last four players who have been No. 1 in the world ranking. It signed Woods in January, shortly before he stopped playing because of more back problems that led to a fourth surgery.