HONG KONG/SEOUL — South Korean fashion powerhouse F&F Co. has taken a decisive step in the battle over the future of global golf brand TaylorMade, hiring Goldman Sachs to advise on a potential acquisition and signaling its readiness to pursue legal action against current majority owner Centroid Investment Partners.
F&F, the largest equity investor in the 2021 deal that saw Centroid acquire TaylorMade, disclosed this week that it holds significant consent rights over key decisions related to the company’s management and potential sale. The firm asserts that Centroid's ongoing efforts to sell TaylorMade—reportedly valued at up to $3.5 billion—are in breach of those contractual rights.
“We are fully prepared to deploy all legal and contractual measures to hold Centroid accountable for its violations,” said F&F in a statement issued Monday. “We are also methodically preparing to exercise our Right of First Refusal, should circumstances warrant, to ensure alignment with our original investment thesis.”
F&F reportedly contributed 358 billion won ($258 million) in subordinated equity as part of the 2021 acquisition, making it the largest Limited Partner (LP) investor in the deal structure. The fashion firm also provided an additional 195.7 billion won in mezzanine capital, giving it significant financial exposure and strategic interest in TaylorMade’s future.
Centroid, for its part, confirmed it has initiated a sale process and has engaged JPMorgan and Jefferies as advisors. Confidential information memoranda have reportedly been circulated to prospective buyers, although no formal process has yet been launched.
In response to F&F’s objections, Centroid stated:
“The right of first refusal allows the holder to choose whether or not to act once the price and terms are finalized through the auction process. Attempting to halt the sale while also preparing to exercise that right is contradictory.”
TaylorMade, one of the world’s most recognizable golf brands, was founded in 1979 and is headquartered in Carlsbad, California. The company produces golf clubs, balls, and accessories, with a strong global presence including offices in Japan, South Korea, China, Canada, and Australia.
As the golf industry continues to draw investment from outside traditional circles—including fashion and lifestyle conglomerates—this unfolding ownership dispute underscores the evolving dynamics at the intersection of sport, business, and private equity.
