Acushnet has signed an agreement for the sale of Cobra Golf to Puma AG in a deal that includes inventory, intellectual property and endorsement contract.
Terms of the deal were not announced and the deal is subject to customary closing conditions and regulatory approvals.
Acushnet has also agreed to continue to provide services such as production, distribution, field sales and customer service to an agreed-upon time period to help with a seamless transition.
“With the sale of Cobra, we have the opportunity to devote all of our resources to the global growth of our industry-leading Titleist and FootJoy brands,” said Wally Uihlein, Acushnet’s chairman and chief executive officer.
“At the same time, Cobra is a strong brand with a heritage of innovation, and we wish the quality associates guiding the brand future success,” added Uihlein.
“Golfers and our valued partners will remain the key focus throughout the impending sale and we are confident that our customers will continue to be serviced to our high standards,” he said.
Pending regulatory approval, the date of the sale of Cobra Golf is expected to come early in the second quarter. All business will continue to be conducted by Acushnet until that time.
All Acushnet Company associates dedicated to the Cobra business are expected to become employees of Puma.
“Titleist and FootJoy are powerful golf brands that are poised for long-term growth,” said Uihlein.
“This laser focus and our long-standing commitment to deliver superior performance and quality will strengthen golfers’ trust in the Titleist and FootJoy brands in all global markets.”