CARLSBAD, Calif. (AP) – Adidas is taking a mulligan on its 20-year-old acquisition of TaylorMade and is selling the golf equipment maker to a private equity firm for $425 million.
The German sports apparel maker said Wednesday that KPS Capital Partners agreed to buy its TaylorMade, Adams Golf and Ashworth golf businesses. About half of the $425 million price will be cash with the rest coming in the form of secured notes and other considerations.
Adidas says it believes TaylorMade is in a strong position, but it wants to focus on its shoe and apparel products.
Competitor Nike last year said it was getting out of the golf equipment business.