F&F Selects Goldman Sachs as Advisor for TaylorMade Acquisition... "Will Exercise Right of First Refusal in Timely Manner"

Responding to Centroid's Sale Process
"Violation of Pre-Approval Rights, Legal Action to Follow"

As private equity fund Centroid Investment Partners is in the process of selling the golf company TaylorMade, fashion company F&F has selected global investment bank Goldman Sachs as its advisor in preparation for a potential acquisition.

On the 21st, F&F stated, "This is part of our efforts to achieve the original investment objective of acquiring TaylorMade," adding, "If it is deemed necessary for F&F to exercise its contractual right of first refusal (ROFR), we will exercise it in a timely manner and proceed with all necessary preparations to complete the acquisition."

It is understood that F&F has proactively selected an acquisition advisor in order to exercise its right of first refusal, as Centroid has officially begun the sale process. The right of first refusal allows F&F to acquire management rights on the same terms as a third-party offer within 14 days if such an offer is made to Centroid.

In 2021, when Centroid acquired TaylorMade, F&F invested 500 billion won in the fund as a major strategic investor (SI). At that time, as Centroid was experiencing difficulties in raising funds, it reportedly offered F&F both a pre-approval right and a right of first refusal. The pre-approval right requires Centroid to notify F&F in advance and seek consent for any changes in management.

However, Centroid selected JP Morgan and Jefferies as sale advisors earlier this year without notifying F&F and has been actively proceeding with the sale by sending teaser letters to global financial investors (FI) and strategic investors (SI).

An F&F representative stated, "We have never provided prior consent for the sale of TaylorMade, and the ongoing sale process is a serious violation of our contractual consent rights," adding, "Separately from our acquisition preparations, we will hold Centroid fully accountable for the contract breach that has already occurred, using every possible means."

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