This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:46 p.m. on Jan. 30, 2026.
As the sale of TaylorMade, one of the world's three major golf brands, moves forward, it has been confirmed that Centroid Investment Partners (hereafter Centroid), the domestic private equity (PE) firm leading the sale, TaylorMade, and strategic investor (SI) F&F met and outlined the next steps.
F&F recently began due diligence on TaylorMade. After carrying out the required procedures as normal, the parties are understood to have agreed that F&F will not exercise its right of first refusal and will move to sell control to a third party.
According to the investment banking (IB) industry on the 30th, F&F signed a nondisclosure agreement (NDA) and is conducting due diligence through a virtual data room (VDR).
Earlier in the middle of this month, the heads of the three parties met at a location in Seoul and reportedly agreed on a basic framework for the next steps. For now, TaylorMade headquarters and Centroid will support and communicate so that F&F can complete the VDR due diligence normally, after which F&F will proceed with the process of relinquishing its right of first refusal. As a listed company, if F&F were to forgo its right of first refusal without a due diligence process, it faces the risk that shareholders could criticize it for "giving up a right without due process."
Until now, F&F had been preparing to acquire control of TaylorMade by exercising its right of first refusal. It even drew up concrete plans to raise a total of 4 trillion won through Samsung Securities, Korea Investment & Securities Co., and Mirae Asset Securities.
However, when U.S. Old Tom Capital offered a price exceeding $3 billion (about 4.3 trillion won) in the main bidding, F&F is said to have shifted from competing with Old Tom to exiting by selling equity alongside Centroid.
An IB industry official said, "In global M&A deals measured in trillions of won, if a potential acquirer still faces the possibility of not becoming the final buyer even after committing considerable cost and resources to due diligence and internal reviews (meaning F&F could exercise its right of first refusal), there is a tendency to take a conservative view on deal-closing (payment) speed and terms."
From that perspective, the three-party agreement is interpreted by the market as reducing the possibility of the transaction falling apart and improving closing certainty.
The industry assesses that F&F has achieved a meaningful successful investment case. In 2021, when Centroid acquired TaylorMade, F&F invested about 553.7 billion won, and later bought additional equity to increase its total investment to about 600 billion won. If TaylorMade is sold in the mid-4 trillion won range, F&F is estimated to realize a profit of more than 1 trillion won. Some also calculate that F&F could secure about 1.6 trillion won in sale proceeds (receipts).
There is also analysis that F&F has gained options through this exit. While securing funds for new growth investments, it can improve its financial structure and expand capacity for shareholder returns. There is also an assessment that F&F has stocked ammunition to pursue strategic investments such as another M&A in the future. An industry official said, "With the discount risk to the share price reduced, it is beneficial for F&F's minority shareholders as well."
The industry views it as significant that F&F Chair Kim Chang-su pivoted to exiting together with financial investors (FI), smoothing over the disputes and conflicts that surfaced during the TaylorMade sale process.
Until last year, F&F and Centroid clashed over a "prior consent right." Along with the right of first refusal for TaylorMade, F&F had a prior consent right over key matters, and on that basis it had expressed the view that "rather than selling the company now, we should grow it further and list it."
A retail industry official said, "Chair Kim held the line so that TaylorMade would not falter during its growth phase, and in the exit phase played the role of removing conflict."