U.S. premium golf brand Parsons Xtreme Golf (PXG) has put itself up for sale, drawing interest from several South Korean private equity firms seeking to capitalize on the brand’s strong recognition in Korea, according to investment banking sources on on Thursday.
The Scottsdale, Arizona-based company, founded in 2013 by American entrepreneur Bob Parsons, has been in discussions with potential buyers since earlier this year. A deal could be valued in the hundreds of millions of dollars, the sources said.
Among the prospective bidders is Acoma Partners, a newly established PE house founded by Seung-kuk Ko, former head of Hanwha Asset Management’s private equity division. The Seoul-based fund is approaching domestic institutional investors to raise capital for the deal.
However, the hurdles are significant. As a newcomer, Acoma faces challenges in financing, while the golf industry is slowing after a pandemic-driven surge. Questions also remain whether a young PEF can successfully nurture a global brand. Centroid Investment Partners, which bought TaylorMade in 2021, later fell into disputes with anchor investor F&F, underscoring risks for new entrants.
PXG’s Korean business partners, including its official importer Kane and apparel distributor Roger Nine, had previously shown interest in acquiring the brand but failed to advance talks. Despite relatively limited global awareness compared with rivals TaylorMade and Titleist, PXG commands premium appeal in Korea, one of its strongest markets.
Write to Jong-Kwan Park at pjk@hankyung.com