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SEOUL - F&F Co., Ltd. (KRX:383220) announced Monday it has hired Goldman Sachs as its exclusive financial advisor for a potential acquisition of golf brand TaylorMade, responding to a sales process initiated by Korean private equity firm Centroid Investment Partners.
The fashion and lifestyle company, led by CEO Chang Soo Kim, stated it is preparing to exercise its Right of First Refusal (ROFR) if necessary to align with its original investment objectives from 2021. The company indicated it has not given consent to Centroid’s current efforts to sell TaylorMade. With analysts projecting continued profitability this year, as noted on InvestingPro, F&F appears well-positioned to pursue this strategic acquisition.
"We are methodically preparing to exercise our Right of First Refusal, should circumstances warrant, to ensure alignment with our original investment thesis," F&F stated in a press release. The company added that its engagement with Goldman Sachs positions it to "execute a disciplined and impactful strategy" for the potential acquisition.
F&F characterized Centroid’s current sale process as "a significant breach of its contractual consent rights" and indicated it is prepared to take legal action to enforce its contractual rights. The company is evaluating various strategic options while working to protect its investment interests in TaylorMade.
F&F made its initial investment in TaylorMade in 2021, though the specific terms and size of that investment were not detailed in the announcement.
In other recent news, South Korean fashion and lifestyle company F&F Co. Ltd. has engaged Goldman Sachs as its financial advisor for a potential acquisition of the golf brand TaylorMade. This development comes as F&F prepares to exercise its Right of First Refusal in response to a sales process initiated by the current owner, Korean private equity firm Centroid Investment Partners. F&F, which invested in TaylorMade in 2021, has expressed concerns over Centroid’s attempts to sell the company, calling it a "significant breach of its contractual consent rights." The company is considering legal and contractual measures against Centroid to safeguard its investment. F&F stated that hiring Goldman Sachs will enable it to execute a disciplined strategy for acquiring TaylorMade, should the need arise. The company is currently evaluating various strategic options to protect its interests. These actions align with F&F’s strategic goals related to its previous investment in the golf equipment brand.
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