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Adidas to Sell TaylorMade, Adams Golf and Ashworth to KPS for $425M

Adidas to Sell TaylorMade, Adams Golf and Ashworth to KPS for $425M

Adidas began actively seeking a buyer last year, as reported by ExitHub. “TaylorMade is a leading global golf brand with an exceptionally strong market position. We would like to thank all TaylorMade employees for their many contributions to our company and wish them all the best for a successful future under their new ownership. At the same time, we welcome all adidas Golf employees who will be integrated into our adidas Heartbeat Sports Business Unit,” said Adidas CEO Kasper Rorsted. “Within our long-term strategy ‘Creating the New’, our focus is clearly on our core competencies in footwear and apparel and on our two major brands adidas and Reebok.” Adidas designs, develops, produces, and markets athletic and sports lifestyle products worldwide. It operates through 13 segments: Western Europe, North America, Greater China, Russia/CIS, Latin America, Japan, Middle East, South Korea, Southeast Asia/Pacifc, TaylorMade-adidas Golf, Reebok-CCM Hockey, Runtastic, and other centrally managed businesses. The company was formerly known as adidas-Salomon AG and changed its name to adidas AG in June 2006. adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany. Employing more than 60,000 people in over 160 countries, the company produce more than 840 million product units annually and generated sales of €19 billion in 2016. Guggenheim Securities LLC acted as exclusive financial advisor to adidas AG and Sheppard, Mullin, Richter & Hampton LLP served as legal counsel. Going forward, Adidas intends to focus its efforts in this market segment on further strengthening its position as a leading provider of innovative golf footwear and apparel through the Adidas Golf brand, the company says. TaylorMade Golf Company In the spring of 1979 a golf equipment salesman named Gary Adams took out a $24,000 loan on his home and founded the TaylorMade Golf Company. He rented a 6,000 square-foot building that at one time housed a television assembly plant. Counting him, there were three employees and a single, innovative product: a 12-degree driver cast of stainless steel. This new metalwood looked and sounded different from a wooden wood, and most important, it performed differently. The clubhead’s perimeter-weighting offered greater forgiveness on mis-hits, while the lower center of gravity made it easier to launch the ball in the air. Adams, the son of a golf professional, was adamant that TaylorMade clubs maintain ties to what true golfers perceived an authentic golf club should look and feel like. They were committed to combining innovation with authenticity, to always be passionate about the game, and pledged to be competitive – to work hard to establish itself and grow. These four tenets would take them far. The same values singled out 30 years ago by Gary Adams are still revered and practiced today at TaylorMade, adidas Golf and Ashworth. Starting with $47,000 in sales in 1979, the company eventually reached its first billion dollars in revenue in 2006, marking only the second time in history that a golf brand had achieved this milestone. TaylorMade was independently owned until 1984, when Salomon SA acquired the company. At the time, the union was strategically compatible for both companies which were innovators in their industries: Salomon wanted to diversify and made the decision to enter a “three-season” market, and TaylorMade benefited from the worldwide resources of Salomon. Adidas bought Salomon in 1997, and shortly thereafter the image and focus of TaylorMade were redirected to take over the driver market. The company succeeded in achieving this goal in late 2005, when it officially became the top driver in golf. PGA Tour Professionals are said to play more TaylorMade drivers than Callaway, Cleveland, Cobra, Nike and Ping combined. Currently, the company markets TaylorMade drivers, fairway woods, hybrids, irons, wedges, golf balls and accessories. The company’s major equipment claims, promoted in marketing materials with small “No. 1” shields, include: No. 1 Driver in Golf, No. 1 Fairway in Golf and No. 1 Irons in Golf.]]>

TUI Group to Sell British High-End Travel Specialist @TravelopiaGroup to $KKR for $404M

TUI Group to Sell British High-End Travel Specialist @TravelopiaGroup to $KKR for $404M

TUI Group (ETR: TUI1) said it agreed to sell Travelopia to New York-based global private equity firm KKR & Co (NYSE: KKR) for an enterprise value of €381 million ($404 million). Travelopia, headquartered in the UK, is one of the world’s leading specialist travel groups, providing unique experiences, such as sailing adventures, tailor-made holidays, sports tours, school expeditions, private jet travel and polar expedition cruises. The enterprise value equals 14.4 times Travelopia’s 2015/16 underlying EBITA and 7.7 times its underlying EBITDA. In the year ended September 30, 2016, Travelopia generated turnover of €1.17 billion, underlying EBITA of €26m and underlying EBITDA of €50m. “The high-end experiential travel market is underpinned by attractive structural growth drivers. These include the growing value consumers place on experiences over goods and the increasing mobility of older travelers,” said Mattia Caprioli, Member & Head of Services at KKR Europe. “We believe that Travelopia is ideally positioned to benefit from these trends. We intend to leverage our experience in the leisure and travel sector gained through investments such as PortAventura, Get Your Guide, Trainline, Go-Jek and Apple Leisure, to support management in their strategic initiatives.” The sale of Travelopia marks another milestone in transforming TUI into an integrated tourism business focused on hotel and cruise brands, as reported last year by ExitHub. The proceeds will be invested in expansion of the growth segments hotels and cruises, says the company. “The sale of Travelopia is the next strategic step in sharpening TUI’s profile. We consistently continue to focus on becoming a vertically integrated tourism business,” said Fritz Joussen, CEO TUI Group. Travelopia has a large, international customer base of over 800,000 travelers each year and serves over 70 destinations globally through its 53 brands. The business was previously part of Specialist Group and had been managed as an independent unit since the merger of TUI AG and TUI Travel PLC at the end of 2014. Will Waggott, CEO of Travelopia, said: “KKR’s experience in the sector, global reach and digital expertise make it the perfect partner for Travelopia as we continue to grow. We have leading brands, loyal customers, deep destination expertise and a highly committed employee base, which puts us in a strong position to address the large and growing experiential travel market opportunity. I am very excited about the next chapter in Travelopia’s history and what it will offer our customers.” The deal is subject to regulatory approvals and customary closing conditions. KKR was advised by Catalyst Partners, Rothschild, Simpson Thacher & Bartlett, Dentons, Deloitte & Touche, and Ernst & Young.]]>

German Art Trading Platform @Artnet Takes Over NY's ArtList to Boost Online Auctions

German Art Trading Platform @Artnet Takes Over NY's ArtList to Boost Online Auctions

Art Basel, a British art appraisal company was set to sign a deal to acquire the New York-based start-up but [the deal] went awry on the very day that it was meant to be signed. The next day, all five of ArtList‘s employees were let go, and the company summarily moved their belongings out of their shared office space at 356 Bowery,” she said. The site was launched in January 2015 by the young, hip French trio of Kenneth Schlenker, Astrid de Maismont, and Maxime Germain. “It had roughly 50 users and an inventory of some 300 works that were sold in three categories—prints and editions, unique works selling for below $50,000, and unique works above $50,000. Currently, there are 9,000 users registered users on the site,” added Jovanovic. ArtList, not to be confused with the London based art information website Artlyst, is the reincarnation of the art events startup Gertrude founded in 2012 by Schlenker, a former product marketing manager at Google, who will join Artnet as the new Chief Marketing Officer. de Maismont will also join Artnet’s auction department. Artnet, formerly Centrox Corp, is a leading online resource for the international art market and a premier destination to buy, sell and research art online. The company was founded in 1989 by French collector Pierre Sernet. In the 1990s, German art dealer Hans Neuendorf started investing in the company, becoming its chairman in 1992 and CEO in 1995, at which time the company’s name was changed to Artnet Worldwide Corp. In 1998, it was taken over by Artnet AG. In 2012, the company ceased publication of its online magazines, and Neuendorf’s son Jacob Pabst became the company’s chief executive. The Artnet Fine Art and Design Price Database and the Artnet Decorative Art Price Database feature over 10 million auction sale results since 1985 from over 1400 international auction houses. Market values and long-term price developments of artworks can be researched online. Artnet online Gallery Network, consisting of more than 2,200 international galleries worldwide. Collectors are able to search by artist, movement and medium and can contact sellers directly. This service is free of charge for collectors, while galleries pay a monthly fee. Artnet AG has a current market capitalization of 16.3 million euros. “It was a natural choice to acquire ArtList as part of our ever evolving trajectory to push these boundaries and expand the possibilities in the international art market,” said Pabst. “It is yet another step to revolutionize the auction genre.” Artnet is leading the development of a streamlined approach to fine art sales in the secondary market. Artnet is known for being at the cutting edge of art and technology, garnering “the most online traffic by far of any company in the art sales domain,” the company says. “ArtList was founded with the goal to buy and sell art online directly from owner-to-owner, without dependence on the brick-and-mortar auction houses,” said Schlenker . “With artnet’s illustrious history and enormous strength in the industry, we will be able to take our goals to the next level, working on a much larger scale and capitalizing on the millions of people who use artnet each month.” Photo (L-R): Maxime Germain, Artlist head of product; Astrid de Maismont, head of sales; Kenneth Schlenker, CEO.]]>