This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:24 p.m. on Apr. 27, 2026.
Centroid Investment Partners (hereinafter Centroid), which is pushing to sell global golf brand TaylorMade, plans to redo the preliminary bidding soon.
As U.S. Old Tom Capital, which had been selected as the preferred negotiating partner, failed to raise funds within the deadline, Centroid plans to open the door to other candidates, including bidders that had earlier expressed interest in the acquisition. F&F, which holds the right of first refusal, is also signaling its intention to acquire by extending by half a year the letter of commitment (LOC) for acquisition financing it received from Samsung Securities and others.
According to the investment banking (IB) industry on the 27th, JPMorgan and Jefferies, the sell-side advisors for the TaylorMade sale, decided to hold another preliminary bid and are communicating in advance with four to five potential bidders. Some have said the preliminary bid will be completed in May and the main bid will be held at the end of June, but it appears no specific schedule has been set.
JPMorgan and Jefferies had previously selected Old Tom Capital, founded by Evan Roosevelt of the Roosevelt family, as the preferred negotiating partner through the main bid for the TaylorMade sale in November last year. Old Tom Capital submitted a price of more than $3 billion (about 4.43 trillion won) and conducted due diligence, but it is said to have failed to complete fundraising within the exclusive preferred period that had been scheduled for last month.
F&F, which holds the right of first refusal, is also said to remain strongly intent on the acquisition. F&F had previously received letters of commitment (LOCs) for 4 trillion won in acquisition financing and bridge loans from Samsung Securities, Mirae Asset Securities and Korea Investment & Securities Co., and it has been confirmed that this deadline was extended by six months. (Related article☞[Exclusive] F&F eyeing right of first refusal for TaylorMade teams up with Mirae, Samsung and Korea Investment & Securities Co.)
It has reloaded its dry powder on the view that a preferred negotiating partner will be selected within six months. The structure reportedly provides part as acquisition financing and the remainder as an ultra-short-term bridge loan until the proceeds from F&F's sale of its TaylorMade equity are deposited.
The market sees a strong possibility that the TaylorMade sale price will be set in the 4 trillion won range. Despite a slowdown in the global golf market, TaylorMade is said to have posted solid results last year.
The key to the TaylorMade sale is price expectations. The industry estimates TaylorMade's EBITDA last year at more than $200 million (about 300 billion won). Considering that the 2025 results-based EV/EBITDA for Acushnet, the parent of Titleist and FootJoy, is around 16 times, TaylorMade's theoretical enterprise value could rise to the high-4 trillion won range. If we consider that Callaway's 2025 results-based EV/EBITDA is around 12 times, TaylorMade's expected sale price could fall to the mid-to-high 3 trillion won range, but Callaway faces a valuation discount factor as it is being reshaped into a pure golf equipment company after the separation sale of Topgolf.
An IB industry official said, "Since a price above $3 billion was confirmed in the bidding process at the end of last year, there is no incentive for the seller to lower the price," adding, "This time, what matters more than price is which candidate can definitely close the transaction."