Amid legal action: F&F eyes acquisition of TaylorMade
The company has appointed Goldman Sachs as its exclusive financial advisor to look into a takeover of TaylorMade, noting that it was assessing an 'array of strategic pathways while strengthening its stance to safeguard its investment interests' in the golf apparel and equipment retailer.
Last month, F&F said it intended to explore pursue legal options against Centroid, after claiming that its fellow South Korean investor had 'unilaterally' initiated a sale of TaylorMade 'without obtaining F&F's prior consent'.
The two firms had joined to take ownership of the brand back in 2021, with F&F retaining a 49.51 percent stake and 'key contractual rights', as stated in a press release regarding the ongoing dispute.
F&F had said that its intent from the outset was to eventually acquire TaylorMade in its entirety, and as such, Centroid's decision to prompt a sale of the brand caused 'serious concerns'.
In its latest announcement, F&F doubled down on its initial plans, while adding that, independent of its acquisition plans, it was 'prepared to deploy all available legal and contractual measures to hold Centroid accountable for its violations'.
In a statement, the company said: 'We are methodically preparing to exercise our Right of First Refusal (ROFR), should circumstances warrant, to ensure alignment with our original investment thesis. Our engagement with Goldman Sachs equips us to execute a disciplined and impactful strategy to successfully acquire TaylorMade.'
FashionUnited has contacted Centroid with a request to comment.
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