Fila teams with private equity in leading golf brand buyout
Seoul-based Mirae Asset Private Equity has teamed with Korean sportswear maker Fila to acquire golf business Acushnet Company from NYSE-listed Fortune Brands for more than $1.2 billion.
US-based consumer goods holding company Fortune Brands estimates it will see approximately $1.1 billion of net proceeds after taxes and expenses, the company announced. The group that acquired Acushnet was led by Fila Korea and Mirae, and also included the National Pension Service of Korea and the Korea Development Bank, Korea's largest government-owned bank.
Acushnet is a leading golf equipment company globally, and owns labels such as Titleist, which claims to be the world's number-one golf ball brand, and FootJoy, the top gold shoe and glove maker. It saw more than $1.2 billion in net sales in 2010 - with nearly 50% of its revenues generated outside the US - and operating income, before charges, of $80 million.
Morgan Stanley and Centerview Partners were advisors to Fortune Brands, and Chadbourne & Parke was legal advisor. Fila Korea and Mirae were advised by Nomura, and the Korea Development Bank, with McDermott, Will & Emery appointed legal advisor.
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