Korean PE-backed Acushnet files for US IPO
Acushnet Holdings, a golf equipment and apparel business backed by Korean PE investors, has filed for an US IPO.
The company has yet to indicate how many shares it plans to sell or at what price. According to a filing, the offering will provide a liquidity event for its existing shareholders including its primary owner Fila Korea and Seoul-based Mirae Asset Private Equity.
Acushnet is a leading golf equipment company globally and owns labels such as Titleist, which claims to be the worlds' number-one golf ball brand, and FootJoy, the top golf shoe and glove maker. It has three golf ball manufacturing facilities, which produce more than a cumulative one million balls a day and six golf club assembly facilities. The company sells its products in over 90 countries directly or through third-party distributors.
In 2011, Korean sportswear maker Fila teamed with a consortium investors led by Mirae Asset Private Equity to acquire the company from NYSE-listed Fortune Brands for more than 1.2 billion. The National Pension Service of Korea and the Korea Development Bank also participated.
According to the filing, other PE backers in the company includes Woori-Blackstone Korea Opportunity Private Equity Fund, which is jointly managed by Woori Private Equity and Blackstone Korea Advisors, as well as Neoplux Private Equity, an investment arm of Doosan Corporation.
Net sales fell to $1.50 billion in 2015 from $1.54 billion the year before. The company posted a net loss of $966,000, compared with net profits of $21.6 million in 2014.
Acushnet has four reportable segments under the Titelist and FootJoy brands. Titleist golf balls represented 36% of total net sales last year, generating the largest portion of total sales and profits. Titleist clubs had 26% of total sales, and Titleist gear was responsible for 9%. The FootJoy segment brought in 28% of 2015 net sales.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.