The adidas Group has announced that its TaylorMade-adidas Golf business segment has entered into a definitive agreement to acquire all of the outstanding shares of Ashworth, Inc., a leading designer of men’s and women’s golf-inspired lifestyle sportswear distributed domestically and internationally in golf pro shops, resorts, upscale department and specialty stores The transaction value is $72.8 million, which includes the assumption of $46.3 million of Ashworth debt.
Through the acquisition of Ashworth, TaylorMade-adidas Golf hopes to widen its product range and further strengthen its distribution platform, company executives said. “Ashworth is a well-established, authentic golf apparel brand with a strong heritage and represents an excellent addition to TaylorMade and adidas Golf,” said adidas AG Chairman and CEO, Herbert Hainer. “This acquisition underscores our commitment to continued growth in the golf category.”
“We are excited to bring Ashworth alongside our industry-leading TaylorMade and adidas Golf brands,” added Mark King, President and CEO of TaylorMade-adidas Golf. “TaylorMade-adidas Golf’s mission is to be the best performance golf company in the world, and adding Ashworth is another important step in achieving that goal.”
“This deal provides exciting prospects for our colleagues, partners and customers around the world,” said Allan Fletcher, CEO of Ashworth, Inc. “The Ashworth® brand fits perfectly into TaylorMade-adidas Golf’s line-up of brands and together we will be able to increase efficiency and drive the golf apparel business going forward, leveraging a broad set of resources.”
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