[Alpha Biz= Paul Lee] F&F, a domestic fashion company, has responded to recent media reports suggesting that it plans to exercise its right of first refusal (ROFR) to acquire TaylorMade, one of the top three global golf brands. In a statement issued on Wednesday, F&F clarified that no decision has been made regarding the acquisition.
F&F explained, "There has been no final decision regarding the acquisition of TaylorMade," and added, "We will take all necessary steps to ensure that our rights and interests are not compromised in relation to any potential investment."
TaylorMade, along with brands like Acushnet and Callaway, is considered one of the world's top three golf brands. Initially, the private equity firm Centroid PE acquired 100% of TaylorMade's shares from U.S. investment firm KPS Capital Partners for $1.7 billion in 2021, with financial support from F&F.
At the time, F&F invested 400 billion KRW (around 49.51% of the shares) and secured both the right of first refusal and pre-approval rights. However, issues arose when Centroid did not seek F&F's prior approval during the recent sale process.
An F&F representative stated, "It is not true that we are looking to acquire management control through the exercise of the right of first refusal," and emphasized that "The specific strategy for the acquisition has not been decided yet."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
