Titleist is arguably the most recognizable brand in golf and now you can own a piece of the product you most likely play of the course.
Acushnet, the parent company to Titleist and FootJoy filed for an Initial Public Offering (IPO) on Monday.
The Wall Street Journal had the details.
Acushnet Holdings Corp, which owns the golf brands Titleist and FootJoy, filed for an initial public offering Monday, planning to come to market despite a recent downturn in golf play in the U.S.
Acushnet plans to use ticker symbol “GOLF” and seeks to raise up to $100 million for its shareholders who are selling the shares to the public. The amount expected to be raised is likely to change as the company releases more details about the IPO, such as price estimates and where the stock will be listed.
In 2015, the maker of the popular golf balls and footwear brought in $1.5 billion in sales, down from $1.54 billion the year before, and posted a loss of $966,000, compared with profits of $21.6 million in 2014. Acushnet has four reportable segments and two brands. Titleist golf balls represented 36% of net sales, Titleist clubs had 26% of sales, and Titleist gear was responsible for 9%. The FootJoy segment, which sells golf shoes and gloves, brought in 28% of sales.
The company spent more than $40 million in research and development over each of the past three years. It has three golf ball manufacturing facilities, which produce more than a cumulative 1 million balls a day and six golf club assembly facilities.
90% of Acushnet’s net sales come from golf balls, clubs and FootJoy. Let’s take a look inside some of Titleist and FootJoy’s most popular brands.
ProV1 and ProV1x
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