Centroid switches partner to F&F for TaylorMade acquisition F&F's $346 mil investment equals to nearly 50% of project fund for acquisition
Translated by Kim So-in 공개 2021-07-22 07:47:02
이 기사는 2021년 07월 22일 07:44 thebell 에 표출된 기사입니다.
South Korea’s mid-sized fashion company F&F will join Centroid Investment Partners’ acquisition of global golf equipment company TaylorMade, with The Nature Holdings pulling out of the deal.Local clothing firm F&F will join Centroid in a buyout of TaylorMade as a strategic investor, industry sources said Tuesday. The company will invest 300 billion won ($260 million) in equity and the remaining 100 billion won in mezzanines for a 49.51% stake in a project fund that will be created for the TaylorMade acquisition.
The outfit maker, dedicated to licensed productions for brands like MLB and Discovery, has decided to team up with Centroid to expand its presence into the golf wear market.
TaylorMade’s golf apparel business is far weaker than rivals, with the segment accounting for a mere 2% of TaylorMade’s total revenue, compared to Acushnet's Titleist (26%) and Callaway (22%).
In a bidding last month, Centroid picked The Nature Holdings as a partner for the acquisition of TaylorMade.
But Centroid has faced a challenge in raising funds from institutional investors, with some limited partners withdrawing their initial investment plans.
Deep-pocketed F&F has moved nimbly to seize an opportunity, approaching Centroid again. The two parties entered discussion and F&F decided to invest 300 billion won to 400 billion won over the weekend.
Centroid has guaranteed the same investment conditions it had given to The Nature Holdings. F&F has secured the right of first refusal when Centroid divests its investment in the future. Centroid, however, didn’t grant a call option to the company.
The Nature Holdings, which already issued convertible bonds worth 50 billion won for the deal, met with Centroid over the weekend and the two sides mutually agreed to cancel the investment.
Through is partnership with F&F, Centroid plans to complete the acquisition as early as the end of July. (Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- 경남제약 품는 휴마시스, 유통네트워크·진단키트 '시너지'
- [Company Watch]글로벌텍스프리, 프랑스 자회사 '적자 전환'
- [Red & Blue]'주목도 높아지는 폐배터리' 새빗켐, 침묵 깨고 반등
- [HLB '리보세라닙' 미국 진출기]시장 우려 불식 나선 진양곤, 갑자기 마련된 기자회견
- 효성화학 특수가스 사업부, '경영권 지분 매각'으로 선회
- 한양, 만기도래 회사채 '사모채'로 차환한다
- 동인기연, 'GS 출신' 30년 베테랑 전호철 상무 영입 '성장 방점'
- 에스트래픽, 적자 '일시적 현상'... 2분기 수익개선 기대
- [Company Watch]'자회사 회생신청' 투비소프트, 성과 없는 신사업
- '크라우드 펀딩' 와디즈, '테슬라 요건' 상장 추진