[Alpha Biz= Kim Jisun] As the sale process for global golf brand TaylorMade gains momentum, South Korean fashion group F&F has begun preparations to exercise its preemptive acquisition rights. F&F has appointed Goldman Sachs as its financial advisor and commenced preliminary steps toward acquiring full control of TaylorMade.



According to investment banking (IB) industry sources on July 21, F&F recently signed a mandate with Goldman Sachs to lead its advisory efforts in the acquisition bid. The company is preparing to exercise its right of first refusal in the upcoming auction process.



F&F initially invested in TaylorMade in 2021 when Korean private equity firm Centroid Investment Partners acquired the golf brand for approximately KRW 2.1 trillion (USD 1.8 billion). F&F participated as a strategic investor, contributing a total of KRW 500 billion—KRW 200 billion in mezzanine financing and KRW 300 billion in subordinated equity—accounting for roughly half of the equity portion of the deal, excluding debt.



Under the terms of its investment, F&F holds a preemptive right that allows it to match the highest offer made by any third-party bidder within 14 days of bid submission. This effectively gives F&F a “final call” in the ownership transfer process.



Market analysts estimate the current valuation of TaylorMade to exceed KRW 4 trillion (USD 2.9 billion), making it likely that F&F will pursue the acquisition in partnership with financial investors (FIs). Industry insiders report that F&F is exploring the formation of a consortium with multiple FIs to jointly acquire the company.



F&F and Centroid have reportedly clashed over consent rights regarding the sale. F&F, which holds both preemptive rights and consent rights over key management decisions, had previously opposed the sale. While now preparing for a potential acquisition, the company maintains its stance on pursuing possible breaches of its consent rights during the sale process.

 

 

 

 

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