The adidas Group together with its TaylorMade-adidas Golf business segment today announced the successful completion of its acquisition of Adams Golf, Inc. for $ 10.80 per share in cash which represents a transaction value of approximately $ 70 million (€ 53 million). The acquisition adds a further strong golf brand to an already powerful portfolio that includes TaylorMade, adidas Golf and Ashworth.
"We've long admired Adams Golf's enthusiasm for incorporating performance technologies into its equipment, just as TaylorMade-adidas Golf does," commented Mark King, President and CEO of TaylorMade-adidas Golf Company. "Uniting the talents of the TaylorMade-adidas Golf and Adams Golf research and development departments will help us develop even better equipment for the target consumers of both brands."
In recent years, the majority of Adams Golf's sales have been generated in the United States. TaylorMade-adidas Golf plans to use its worldwide distribution channels, established with the help of the adidas Group, to develop Adams Golf into a global brand, creating the potential to increase sales of Adams Golf.
"This is an incredibly exciting time for us at TaylorMade-adidas Golf," added Mark King. "We've just recorded the best first-quarter performance in the company's history, and we're on course to celebrate another record year. Adams Golf also got off to an excellent start in 2012, with sales up 25 per cent in the first quarter. Adding the Adams Golf brand will make the organization even better equipped to serve the needs of all types of golfers, helping us continue our quest to be the best golf company in the world in terms of the quality of our products, our presence on Tour and the volume of our sales."
The Adams Golf business will be led by John Ward, whom TaylorMade-adidas Golf has appointed President. A 20-year veteran of the company's sales force, John Ward has served as Vice President of US sales for the TaylorMade brand since 2010.