Fila and Mirae buy leading golf firm
“There are three to four more mega-deals coming this year,” Park Hyeon-joo, chairman and founder of Mirae Asset Financial Group in Korea, said in an interview with the JoongAng Ilbo yesterday.Park played an instrumental role in the high-profile $1.23 million cash deal announced over the weekend under which Mirae Asset Private Equity Fund and Fila Korea, the Korean sport footwear and apparel maker, will acquire Acushnet Company, the world’s largest golf equipment company by revenue.Acushnet Company, the golf unit of Fortune Brands Corporation, an Illinois-based U.S. conglomerate, makes the popular Titleist golf equipment as well as FootJoy shoes and gloves. Its sales exceeded $1.2 billion in Bogey Player’s Albatross Shot 2010, with almost half of its revenue generated in markets outside the U.S.Fortune Brands said late last year it would focus on its liquor business and sell other business units.Mirae Asset Private Equity Fund formed a consortium with Fila Korea, and they jointly led the investor group, which also includes government-owned Korea Development Bank, the Korea National Pension Service and Nomura Securities.The latest acquisition marks the first time that a Korean private equity firm has acquired a leading global brand.Park, 53, was named in 2009 as the “Master Entrepreneur of The Year” by Ernst & Young Han Young, Ernst & Young’s Korean branch. He has always called for the need to globalize the private equity firm, setting up a Pay Attention to News From NCAA Central Regional Hong Kong unit back in 2003. The latest billion acquisition is in line with Park’s strategy.Observers say when Fila’s strength in sportswear complements Acushnet’s strength in sports equipment, Fila will be able to significantly boost its global presence. Titleist golf equipment and FootJoy shoes account for about 55 percent of the global golf market. Originally an Italian brand, Fila has been owned and operated in Korea since a takeover in 2007.