Acushnet announces sale complete
As expected, the sale of Acushnet Company from Fortune Brands to a consortium led by Fila Korea and Mirae Asset Private Equity was completed today, according to an announcement from Acushnet.
The deal originally was announced May 20 and was reported to be for $1.2 billion. According to the Acushnet press release, under the terms of the sale, Acushnet "will remain as a standalone company through separate operation from Fila Korea, with its worldwide headquarters remaining in Fairhaven, Mass."
According to the release, Acushnet's new owners will include Fila Korea, which also owns the worldwide Fila brand; Mirae Asset Private Equity, Korea's largest private equity firm; and the National Pension Service of Korea, the fourth largest pension fund in the world. The release also notes that the Korea Development Bank, Korea's largest government-owned bank, is providing financing for the acquisition.