TaylorMade

Last updated
TaylorMade
Company type Subsidiary
Industry Sports equipment, textile
Founded1979;45 years ago (1979) in McHenry, Illinois
Founder Gary Adams
Headquarters
Carlsbad, California
,
U.S.
Key people
David Abeles (CEO)
Products Golf clubs, balls, clothing
Parent Centroid Investment Partners
Website taylormadegolf.com

TaylorMade Golf Company is an American sports equipment manufacturing company based in Carlsbad, California, United States. The company focuses on the golf equipment market, producing golf clubs, balls, and clothing. TaylorMade Golf is currently a subsidiary of Centroid Investment Partners after it was purchased from KPS Capital Partners in May 2021. [1]

Contents

TaylorMade's initial success came with the innovation of metal drivers, which debuted in 1979 and have subsequently dominated the golf market. [2] In September 2012, Outside magazine named TaylorMade one of America's "Best Places to Work". [3]

History

Origins in Illinois

TaylorMade incorporated in 1979 after Gary Adams borrowed $24,000 on his house and leased a 6,000 square foot building in McHenry, Illinois. He originally had three employees and sold only one item, his newly invented 12-degree loft metalwood. The metalwood was unique in its steel construction - replacing persimmon as the primary material from which modern drivers are manufactured - and adopted the nickname "Pittsburgh Persimmon". [4]

Starting with $47,000 in sales in 1979, the company eventually reached its first billion dollars in revenue in 2006, marking only the second time in history that a golf brand had achieved this milestone. [5]

Purchase by Salomon Group (1984)

TaylorMade was independently owned until 1984, when Salomon S.A. acquired the company. At the time, the union was strategically compatible for both companies which were innovators in their industries: Salomon wanted to diversify and made the decision to enter a "three-season" market, and TaylorMade benefited from the worldwide resources of Salomon.[ citation needed ] This ownership maintained until Adidas bought Salomon in 1997. [6]

Sale to Adidas (1997)

Shortly after the Adidas acquisition, the image and focus of TaylorMade were redirected to take over the driver market; the company succeeded in achieving this goal in late 2005, when it officially became the top driver in golf. TaylorMade bought golf clothing companies Ashworth in 2008 and Adams Golf in 2012 but sold them to KPS Capital Partners in 2017. [7] [8] [9]

Sale to KPS Capital Partners (2017)

In 2017 it was announced that Tiger Woods and Rory McIlroy had signed with TaylorMade after Nike's golf division closed. [10] [11]

On May 10, 2017 it was announced that KPS Capital Partners acquired TaylorMade for US$425 million. [12] The deal was completed in November of 2017. [13]

Days after the deal was completed, TaylorMade released a statement to say it had parted company with Sergio García, who had been with the brand for 15 years. [14]

Sale to Centroid Investment Partners (2021)

On February 2, 2021 the New York Times reported that KPS had hired Morgan Stanley to run a sale of TaylorMade with a value estimated around US$2 billion. [15]

On May 11, 2021 Centroid Investment Partners - a Korean private equity firm - signed a definitive agreement to purchase TaylorMade from KPS [16] for a value of US$1.7 billion. [17]

Sun Day Red (2024)

On February 12, 2024, TaylorMade partnered with Tiger Woods to launch the golfer's apparel line, Sun Day Red. [18] [19]

Parent companies

Endorsements

As with most golf equipment companies, TaylorMade maintain endorsement deals with many professional golfers on the leading tours, including past world number ones such as Tiger Woods, Rory McIlroy, Scottie Scheffler and Dustin Johnson. Most contracted players will have the majority, if not all, of their playing equipment supplied by the company, including Collin Morikawa, Tommy Fleetwood, Nelly Korda, Brooke Henderson and Charley Hull. A few are only contracted for one item, such as Rickie Fowler whose deal only extends to golf balls. [20]

See also

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References

  1. ↑ "TAYLORMADE GOLF COMPANY, INC. TO BE ACQUIRED BY CENTROID INVESTMENT PARTNERS – TaylorMade Golf (news)". newsroom.taylormadegolf.com. Retrieved 2021-09-11.
  2. ↑ "History of Taylor Made Golf Co. – FundingUniverse". www.fundinguniverse.com.
  3. ↑ "TaylorMade named one of Outside's best places to work". PGA.com.
  4. ↑ "Golf Equipment That Changed the Game". Golf.com.
  5. ↑ Mike Camunas. "TaylorMade Golf History".
  6. ↑ News, Bloomberg (1997-09-17). "Adidas to Buy Salomon, a French Sports Company". The New York Times. ISSN   0362-4331 . Retrieved 2017-11-07.{{cite news}}: |last= has generic name (help)
  7. ↑ "TAYLORMADE-ADIDAS GOLF COMPANY COMPLETES ACQUISITION OF ADAMS GOLF". adidas-group.com. 2012-06-01. Retrieved 2024-02-07.
  8. ↑ "TAYLORMADE-ADIDAS GOLF COMPANY TO ACQUIRE ASHWORTH, INC". adidas-group.com. 2008-10-13. Retrieved 2024-02-07.
  9. ↑ "Adidas sells golf businesses for $425 million". ESPN.com. 2017-05-10. Retrieved 2024-02-07.
  10. ↑ "Tiger Woods signing with TaylorMade among equipment stories of the year | Golf News and Tour Information | Golf Digest".
  11. ↑ Murray, Ewan (9 May 2017). "Rory McIlroy signs $100m TaylorMade deal before Players Championship | Rory McIlroy | The Guardian". TheGuardian.com .
  12. ↑ Matuszewski, Erik. "This Week In Golf Biz: TaylorMade Is Sold, McIlroy's $100 Million Deal, PXG's New Wedges". Forbes. Retrieved 2017-11-07.
  13. ↑ "TaylorMade Golf sold for $425 million to KPS Capital Partners LP".
  14. ↑ Inglis, Martin (October 9, 2017). "Sergio Garcia announces shock split from TaylorMade". bunkered.
  15. ↑ Sorkin, Andrew Ross; Karaian, Jason; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (2021-02-02). "How to Fix the Markets". The New York Times. ISSN   0362-4331 . Retrieved 2021-09-08.
  16. ↑ "Centroid Investment Partners to Acquire TaylorMade Golf Company, Inc". www.businesswire.com. 2021-05-11. Retrieved 2021-09-08.
  17. ↑ "Korea's Centroid Investment to name strategic partners next week - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2021-09-08.
  18. ↑ Romero, Brittany (February 12, 2024). "Tiger Woods announces new apparel line Sun Day Red". Golf Digest . Retrieved February 12, 2024.
  19. ↑ Hirsch, Lauren; Friedman, Vanessa (February 12, 2024). "Tiger Woods Introduces His New Brand: Sun Day Red". The New York Times . Retrieved February 12, 2024.
  20. ↑ "Team TaylorMade | TaylorMade Golf". www.taylormadegolf.com.
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