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Sport lifestyle company Puma has signed an agreement to acquire 100 percent of the golf equipment brand Cobra Golf from Acushnet Company, the golf business of Fortune Brands, Inc. The acquisition includes the Cobra brand as well as related inventory, intellectual property and endorsement contracts and is subject to customary closing conditions and regulatory approvals. “Through the acquisition of Cobra Golf, we reinforce Puma’s commitment to our sports performance business by strengthening our growing and successful Golf category,” said Jochen Zeitz, chairman and chief executive of Puma. Based in Carlsbad, Cobra Golf was founded in 1973 and produced one of the first utility clubs, the Baffler. This leadership and innovation continues today with recent releases such as the new ZL and S2 Drivers, as well as the Baffler Rail Hybrid. In 1996, Cobra Golf was acquired by American Brands Inc. (later renamed Fortune Brands) and has since then been managed together under the Acushnet Company umbrella with its other golf brands, including Titleist. Pending regulatory approval, the effective date of the acquisition of Cobra Golf is expected to be in the second quarter of 2010. Financial terms of the transaction will not be disclosed. |
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