Korean PE investors set for partial exits in Acushnet IPO

The company has priced its offering at $21-24 per share for 19.33 million shares, all of which are held by three financial investors: Mirae Asset Private Equity; Woori-Blackstone Korea Opportunity Private Equity Fund, which is jointly managed by Woori Private Equity and The Blackstone Group; and Neoplux Private Equity, an investment arm of Doosan Corporation. A further 2.89 million shares could be sold through the overallotment option.

Mirae's interest will fall from 50.2% to 15.3%, while Woori-Blackstone will go from 12% to 3.7%, and Neoplux from 4.1% to 1.3%, assuming the overallotment option is not exercised, according to a filing. Of the shares being sold by these investors, 14.8 million will be acquired by Magnus, the parent entity of Fila Korea. Its holding will increase to 53.1% from 33.1%.

In 2011, Fila teamed with a consortium investors led by Mirae to acquire the company from US-listed Fortune Brands for more than 1.2 billion. The National Pension Service of Korea and Korea Development Bank were among those supporting the deal.

In Titleist, Acushnet has the world's leading golf ball brand, while FootJoy ranks number one for golf shoes and gloves. The company also owns Vokey Design Wedges, which produces wedges, and putter manufacturer Scotty Cameron. Titleist golf balls and clubs account for more than 60% of Acushnet's annual sales between them.

The company generated $1.5 billion in net sales in 2015, down from $1.54 billion the previous year, while a net profit of $22 million swung to a net loss of $1 million over the same period. Adjusted EBITDA rose from $203 million to $215 million. In 2011, the year of the Korean acquisition, revenue and EBTIDA were $1.34 billion and $136 million, respectively, and the company posted a net loss of $31 million.

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• Topics
• North Asia
• North America
• IPO
• Consumer
• South Korea
• USA
• Mirae Asset Private Equity
• Woori Private Equity
• The Blackstone Group
• Neoplux Capital
• Exit