TaylorMade Adidas Golf Lands Texas Company for $70MTuesday, March 20, 2012
TaylorMade Adidas Golf Inc. said March 19 that it acquired Adams Golf Inc. for $70 million, or $10.80 per share.
Carlsbad-based TaylorMade said it paid a 71 percent stock premium for the Texas-based company, which announced it was seeking strategic alternatives, including a potential sale in January.
Adams, which generated $96.5 million in revenue last year, will retain its current office in Plano, Texas. It has been seeking a chief executive since former CEO Chip Brewer took a new job this month, heading up rival club maker Callaway Golf Co., also based in Carlsbad.
The transaction is scheduled to close by mid-2012.
TaylorMade has about 800 employees at its headquarters.
— Mike Allen