Pride Manufacturing Corp., a leading manufacturer of golf cleat systems, golf tees and related consumable golf accessories and wood products, has been sold to Medalist Corp., the maker of golf club components and other sporting goods.
Financial terms of the transaction were not disclosed. Medalist Corp. is part of Centre Partners Management LLC.
Headquartered in Brentwood, TN, 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.
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."
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 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.
