Acushnet Preparing For An IPO

Joyce Lee of Reuters translates and confirms a Korea Economic Daily report saying that Acushnet has settled on Solebury Capital to charge exorbitant fees on a potential IPO valuing the Titleist and Footjoy brands at $1.8 billion or so.

Lee writes:

Solebury is conducting an early exploration of an IPO and details on value and venue are yet to be decided, the source said, declining to be identified as not authorised to discuss the matter with the media.

A spokesman for Mirae Asset Private Equity said an IPO had been planned since the 2011 acquisition for the private equity to exit in order to maximise shareholder value.

Golfweek's Adam Schupak says this is golf's first "significant IPO since the late 1990s" and emails with Acushnet CEO Wally Uihlein who says, well, I have no idea. 

“A large amount of our current private equity originated with the Korean Pension Fund,” Uihlein said. “Those monies are solicited with promises of a return, a return which is tied to an exit. A public capital market listing is frequently the most efficient method of establishing an accurate valuation and an efficient method of capital replacement. I think it is important to point out that one of our largest shareholders (Fila) has stated an intention to remain and be part of the long view.”