Adams acquires Yes! Golf in bankruptcy auction
Friday, January 21, 2011
Adams Golf re-entered the putter category in late 2009, but that move yielded only limited success. With hopes of becoming a more serious player in the category, the company has acquired Yes! Golf for $1.5 million.
The total purchase cost was $1.65 million (inclusive of administration costs). Yes! Golf and its related assets were sold at auction on Jan. 18, 2011, in U.S. Bankruptcy Court.
Find out what James Achenbach had to say here.
The purchase includes acquisition of all of Yes! Golf’s patented putter technology designs (including C-Groove Putters), the company’s registered trademarks and all existing inventory and capital equipment.
Yes! Golf will be integrated into the Adams Golf operations in Plano, Texas. The purchase is subject to funding that is expected to occur within the next two business days.
In October 2009, Adams quietly re-entered the putting business, venturing back into the category for the first time since 2002.
“We have been looking for an attractive avenue into the putter market for some time and believe the Yes! Golf brand and technology platform provides us just such an opportunity,” said Chip Brewer, president and CEO of Adams Golf, in a statement. “Yes! Golf provides Adams Golf compelling putter technology and a positive brand image, including on-going tour usage based on the performance of the product alone. The Yes! Golf brand will likely benefit from the inclusion into our operational infrastructure and we intend for it to serve as a source of future growth for our company.”
According to financial data prepared by Yes! Golf, the company generated revenues in excess of $10 million in 2007; by comparison, it recorded revenues of approximately $2.4 million in 2010.
As of November 2010, Yes! Golf’s unit market share at on- and off-course golf specialty shops was 1.9 percent, according to research firm Golf Datatech. The company’s putters fetched an average retail price of $119.