FRANKFURT, Germany — Adidas AG said it sold its golf brands including TaylorMade to KPS Capital Partners LP as the sports footwear and apparel maker focuses on its namesake brand and Reebok. TaylorMade, Adams Golf and Ashworth will be sold to KPS for $425 million via a newly formed affiliate of the private equity firm, Adidas and KPS said in separate statements Wednesday. The amount will be paid half in cash and half with a combination of a secured note and contingent considerations.
The possible sale of the food unit, as Reckitt focuses on businesses such as Dettol cleaner and Durex condoms, comes amid a reshuffling of portfolios at global consumer giants, many of which are experiencing a slowdown in sales growth for stalwart brands.
Reckitt Benckiser Group Plc is beginning a strategic review of its food business, which includes brands like French's mustard, after agreeing to buy infant-formula maker Mead Johnson Nutrition Co. for $16.6 billion. French's Food is "non core" though it has a "history of outperformance," the company said in a statement.