PE-backed Acushnet sets IPO pricing terms

Fairhaven, Massachusetts-based golfing company Acushnet has priced the 19.33 million shares of its IPO at between $21 and $24 per share. The stock will trade on The New York Stock Exchange under the ticker symbol “GOLF.” J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as the lead underwriters. Acushnet’s backers include the Blackstone Group.

PRESS RELEASE

FAIRHAVEN, Mass. –(BUSINESS WIRE)

Acushnet Holdings Corp. (“Acushnet”) today announced the commencement of the initial public offering of shares of its common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “Commission”). All 19,333,333 shares of common stock to be sold in the offering will be sold by existing stockholders of Acushnet. The underwriters in the offering will have a 30-day over-allotment option to purchase up to an additional 2,899,999 shares of common stock from the selling stockholders. The estimated initial public offering price is between $21.00 and $24.00 per share.

Acushnet’s common stock has been approved for listing on The New York Stock Exchange under the ticker symbol “GOLF.”
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as lead book-running managers and as representatives of the underwriters for the proposed initial public offering.

Nomura Securities International, Inc. and UBS Securities LLC are also acting as lead book-running managers. Credit Suisse Securities (USA) LLC, Daiwa Capital Markets America Inc., Deutsche Bank Securities Inc., Jefferies LLC and Wells Fargo Securities, LLC are acting as joint book-running managers, and D.A. Davidson & Co., KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc. are acting as co-managers.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The proposed offering of these securities will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed initial public offering may be obtained from the office of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Nomura Securities International, Inc., Attention: Equity Syndicate, Worldwide Plaza, 309 West 49th Street, 5th Floor, New York, NY 10019-7316, or by telephone at (212) 667-9562; or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by telephone at (888) 827-7275.