JPMorgan, Jefferies picked to manage TaylorMade Golf sale

Centroid Investment Partners, a Seoul-based private equity firm, has selected JPMorgan and Jefferies as lead managers for the sale of TaylorMade Golf Co., which it acquired for $1.7 billion in 2021.

Centroid proposes a valuation of around $3.3 billion for one of the world’s top golf club brands, or 15 times earnings before interest, tax, depreciation and amortization of $220 million in 2023.

Back in 2021, the private equity house formed a project fund for the deal, with contributions from Korean fashion retailer F&F Co., MG Korean Federation of Community Credit Cooperatives, National Agricultural Cooperative Federation and National Credit Union Federation of Korea.

Posing a hurdle to the sale, however, the strategic and anchor investor in TaylorMade, F&F, suggests postponing the divestment in light of the company's business performance, according to the sources.

In an interview with Nikkei Asia in January, Jeong Jin-hyeok, CEO of Centroid Investment, said TaylorMade has grown more than 20% on average per year since its acquisition. 

Write to Da-Eun Choi at max@hankyung.com
 


Yeonhee Kim edited this article.