Medalist Corp, a portfolio company of Centre Partners Management LLC, has acquired Brentwood, Tennessee-based Pride Manufacturing Corp, a golf tees maker. No financial terms were disclosed.
NEW YORK, Dec. 22, 2015 /PRNewswire/ — Centre Partners Management LLC (“Centre Partners”), a leading middle market private equity firm with offices in New York and Los Angeles, announced today that its portfolio company Medalist Corp. has acquired Pride Manufacturing Corp. LLC (“Pride”). Financial terms of the transaction were not disclosed.
Headquartered in Brentwood, TN, with global operations, Pride is a leading designer, manufacturer, marketer and distributor of golf cleat systems, golf tees and related consumable golf accessories and wood products. Pride is the largest manufacturer of golf tees in the U.S., producing over 300 million wooden tees annually out of its sawmill in Maine.
Nishad Chande, a Managing Director, of Centre Partners, said, “We are pleased with what Medalist has achieved to date and are excited for the opportunities created by the acquisition of Pride. This transaction creates a market-leading golf accessories and sporting goods business that is positioned to serve both companies’ customers better and for continued growth through product innovation and additional acquisitions. We look forward to partnering with Joe and the rest of the Pride management team as we embark upon this next phase of growth.”
The combined company will be led by executives of both Medalist and Pride, with both Medalist CEO Jim Stutts and Pride CEO Joe Zeller overseeing the business together. The Pride management team will remain in place and has invested in the combined company alongside Centre Partners and Medalist management.
Mr. Stutts commented, “The addition of Pride, a golf business with an exceptional portfolio and market position, is an important step for Medalist. I look forward to working with Joe and his team to pursue a range of attractive growth opportunities – including acquisitions and internal initiatives – that are available to our company in the future.”
Mr. Zeller added, “Our team at Pride is very excited to join Medalist, which will accelerate the growth of our business and create a sporting goods platform that is greater than the sum of its parts. We are delighted that Medalist and Centre Partners recognized the considerable value of Pride’s market-leading positions and outstanding infrastructure, and had the vision to make this strategic combination a reality.”
About Centre Partners
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire to have a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $2 billion in more than 70 transactions, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources, which include an extended network of experienced and proven operating executives. The firm is currently investing through its sixth fund. Additional information is available at www.centrepartners.com.
About Medalist Corp.
Formed in 2014, Medalist Corp. is a leading designer and manufacturer of golf club components and other sporting goods with operations in Carlsbad, CA and Shanghai, China.
About Pride Manufacturing
Pride is the world’s premier golf accessory company, and is the leader in the design and manufacture of cleats, spikes and receptacles for the entire golf footwear industry, as well as a leading manufacturer and distributor of golf tees and other golf accessories. Pride’s products include Pulsar™ cleats – the #1 Cleat on the PGA Tour, Pride Golf Tees – the #1 wooden golf tee on the PGA Tour, Fast-Twist™ – the #1 cleat system on the PGA Tour and Black Widow™ – the #1 selling golf cleat in the world.