Dave Cordero of TaylorMade putts into a 15-inch inch hole at his company's golf facility in Carlsbad, California May 9, 2014. REUTERS/Mike Blake
Concise insights on global finance.
-----------------------------------------------
HOT TEE. Golf has found its swing again, evidenced by a deal unveiled on Tuesday for TaylorMade. Four years after buying the brand from Adidas (ADSGn.DE) for $425 million, private equity firm KPS Capital is selling it to South Korean peer Centroid Investment Partners for $1.6 billion, per The Korea Economic Daily.
The socially distant game exploded in popularity during the pandemic. A record 3 million Americans got on a course for the first time in 2020, twice as many beginners as in 2011, based on a U.S. trade group’s figures. After enduring an earlier industry slump, Callaway’s equity value has nearly tripled to some $6 billion over the past year, with analysts estimating a 73% increase in annual revenue.
According to local media, Centroid is paying 12 times projected 2021 EBITDA for TaylorMade, whose reps include top-ranked Dustin Johnson. That’s a discount to Callaway and Titleist owner Acushnet, suggesting that if the sport’s rebound persists TaylorMade’s new owner has a shot at hitting the green too. (By Jeffrey Goldfarb)
On Twitter http://twitter.com/breakingviews
Earlier in Capital Calls:
Japan’s one-woman show flops read more
Roblox sees Covid recovery flip side read more
AstraZeneca’s pay bung tarnishes its charity read more
Carlyle’s political assets read more
Bain Capital feasts on food giants’ castoffs read more
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
"course" - Google News
May 12, 2021 at 10:58AM
https://ift.tt/3obqUpy
Capital Calls: TaylorMade deal is par for the course - Reuters
"course" - Google News
https://ift.tt/35q9ps5
https://ift.tt/35rCFi1
Bagikan Berita Ini
0 Response to "Capital Calls: TaylorMade deal is par for the course - Reuters"
Post a Comment