KPS Capital Partners, LP ("KPS") announced today that it has signed a 
definitive agreement to sell its portfolio company, TaylorMade Golf Company, 
Inc. ("TaylorMade" or the "Company"), to Centroid Investment Partners 
("Centroid"), a Seoul, Korea based private equity firm. Financial terms of the 
transaction were not disclosed. 

TaylorMade is a leading global designer and manufacturer of golf clubs, balls, 
bags and accessories with #1 or #2 market positions in most of its key products 
and geographies. For over 40 years, TaylorMade has brought innovative, high 
performance product technologies to golfers worldwide and is represented by 
some of the world's best Professional Tour athletes in the game; including 
World #1 Dustin Johnson, Tiger Woods, Rory McIlroy, Tommy Fleetwood, Collin 
Morikawa, Rickie Fowler, Matthew Wolff, Sung Hyun Park, Charley Hull, Maria 
Fassi and Sierra Brooks. 

KPS acquired TaylorMade in 2017 from adidas AG in a highly complex global 
corporate carve-out transaction involving the separation of shared facilities, 
employees, distribution infrastructure and material commercial arrangements.  

TaylorMade was transformed under KPS' ownership into a fully independent, 
focused golf equipment company that achieved market leadership in all its key 
product categories and experienced the highest growth rates in the industry. 
TaylorMade invested heavily in industry leading equipment technologies, 
introduced a series of revolutionary new products, achieved significant market 
share growth in golf balls, built new manufacturing and distribution 
facilities, and successfully refocused its marketing strategy, including the 
expansive build-out of one of the most advanced digital platforms in the 
business. As a result of these initiatives, the Company rapidly progressed from 
generating material operating losses between 2015 and 2017 to substantial 
growth in profitability each year under KPS ownership.

David Shapiro, Co-Founder and Co-Managing Partner of KPS stated, "TaylorMade 
demonstrates KPS' ability to see value where others do not, buy right and make 
businesses better. KPS recognized the value of the iconic TaylorMade brand, its 
cutting-edge product portfolio, the talent of its world-class management team 
and employees and the opportunity to align the Company's cost structure with 
the market realities."

Mr. Shapiro added, "We congratulate and thank CEO David Abeles, TaylorMade's 
management team and the entire organization for their tremendous dedication to 
the brand and Company and their passion for the game of golf.  The Company is 
well positioned for continued growth and industry leadership and is poised for 
accelerated growth in the important Korean market as well as the rest of Asia 
under Centroid's ownership."  

David Abeles, Chief Executive Officer of TaylorMade, added, "Our partnership 
with KPS has been extraordinary. It has been inspiring and incredibly 
productive to work with the team across the firm. From the beginning, KPS had 
the vision to recognize the strength and potential of the TaylorMade brand and 
business. Under KPS's ownership, TaylorMade has become a far better company by 
investing in our operations, product technology pathways, product development 
processes and, importantly, in our people. TaylorMade has never been better 
positioned for future growth than we are today."

Paul Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel and Morgan 
Stanley and Allen & Co. served as financial advisors to KPS and TaylorMade.  
Completion of the transaction is subject to customary closing conditions and 
approvals.

About TaylorMade Golf Company, Inc.
Headquartered in Carlsbad, California, TaylorMade is a leading manufacturer of 
high-performance golf equipment, golf balls and accessories with 
industry-leading innovative products like SIM2 metalwoods, SIM2 irons, P Series 
irons, TP5/TP5X golf balls and Spider putters. A major force across the world's 
professional tours, TaylorMade has an unrivaled athlete portfolio that includes 
Tiger Woods, Dustin Johnson, Rory McIlroy, Tommy Fleetwood, Collin Morikawa, 
Rickie Fowler, Matthew Wolff, Sung Hyun Park, Charley Hull, Maria Fassi and 
Sierra Brooks.

About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with over $12.3 billion 
of assets under management (as of December 31, 2020). For nearly three decades, 
the Partners of KPS have worked exclusively to realize significant capital 
appreciation by making controlling equity investments in manufacturing and 
industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing.  KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies rather than primarily relying on financial leverage. The KPS Funds' 
portfolio companies have aggregate annual revenues of approximately $10.6 
billion, operate 159 manufacturing facilities in 22 countries, and have 
approximately 34,000 employees, directly and through joint ventures worldwide. 
The KPS investment strategy and portfolio are described in detail at 
www.kpsfund.com. 

SOURCE: KPS Capital Partners, LP

CONTACT: Business Inquiries: KPS – 212.338.5100; Media Relations: David Wells 
or Catherine Johnson – 646.818.9287