Cornerstone Equity Investors has announced that it has signed an agreement to sell its investment in True Temper Corporation to management and Gilbert Global Equity Partners and related entities. The specific terms of the agreement were not disclosed. The deal is expected to close within the next 90 days and is subject to regulatory approval and other customary closing conditions.
Gilbert Global Equity Partners is one of the largest and most experienced private equity firms in the United States with a capital base of over $1.0 billion.
Commenting on the purchase of the company, Steven Gilbert, chairman of Gilbert Global, said, “We are very excited about partnering with True Temper’s management team and continuing the growth of one of the world’s most recognized and leading sporting goods brands.” Scott Hennessy, president and CEO of True Temper, commented, “Over the past 6 years we have certainly enjoyed our relationship with Cornerstone and are now excited to team with a great group like Gilbert Global Equity.”
In discussing the sale, both parties agree that the customers, employees, and suppliers of True Temper should see a smooth and seamless transition. No changes in trade policies or personnel are anticipated with the pending change of ownership.
True Temper Corporation is the parent company to True Temper Sports, Inc., the leading manufacturer of golf shafts in the world, and consistently the number one shaft on all professional tours globally. In addition to golf shafts, the company produces performance sports products for the bicycle, hockey and sporting goods industry.
The Memphis based company employs over 800 people worldwide and operates 10 facilities, located in the United States, Europe, Japan, China and Australia. The True Temper and Grafalloy branded products are sold and marketed in over 30 countries throughout the world.
True Temper Sports www.truetemper.com/