Acushnet’s $378 Million Initial Public Offering


Simpson Thacher represented Acushnet Holdings Corp. (“Acushnet”) in connection with the initial public offering of 22,233,332 shares of its common stock. The shares began trading on the New York Stock Exchange on October 28, 2016, under the ticker symbol “GOLF.”

All 22,233,332 shares of common stock sold in the offering were sold by existing stockholders of Acushnet, consisting of affiliates of Mirae Asset Global Investments, Woori-Blackstone Korea Opportunity Private Equity Fund 1 and Neoplux Co. Ltd., at an initial public offering price of $17 per share, including 2,899,999 shares of common stock pursuant to the full exercise of the underwriters’ overallotment option. The offering raised an aggregate of approximately $378 million in gross proceeds for the selling stockholders.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as lead bookrunning managers and as representatives of the underwriters for the initial public offering. Nomura Securities International, Inc. and UBS Securities LLC also acted as lead bookrunning managers. Credit Suisse Securities (USA) LLC, Daiwa Capital Markets America Inc., Deutsche Bank Securities Inc., Jefferies LLC and Wells Fargo Securities, LLC acted as joint bookrunning managers, and KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., SunTrust Robinson Humphrey, Inc. and D.A. Davidson & Co. acted as co-managers.

Acushnet is the global leader in the design, development, manufacture and distribution of performance-driven golf products and is the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands.

The Simpson Thacher team included Roxane Reardon (Picture), Arjun Koshal, Jonathan Ozner, Kirsten Harmon and Elliott Im (Capital Markets); Jin Hyuk Park and Iksoo Kim (Corporate—Seoul); Janice Brunner and James Rapp (Public Company Advisory Practice); Bill Sheehan, Christian Fischer and Jonathan Zane (Credit); David Rubinsky, Andrew Blau and Nadine Mompremier (Executive Compensation and Employee Benefits); Marcy Geller and George Davis (Tax); Marcela Robledo and Amber Harezlak (Intellectual Property); Michael Isby, Timothy Mulvihill and Louise Kruger (Environmental); Krista McManus (Real Estate); Jonathan Lindabury and Solomon Bashi (Derivatives); and Steve DeLott (Insurance).

Involved fees earner: Roxane Reardon – Simpson Thacher & Bartlett; Arjun Koshal – Simpson Thacher & Bartlett; Jonathan Ozner – Simpson Thacher & Bartlett; Kirsten Harmon – Simpson Thacher & Bartlett; Elliott Im – Simpson Thacher & Bartlett; Jin Hyuk Park – Simpson Thacher & Bartlett; Iksoo Kim – Simpson Thacher & Bartlett; Janice Brunner – Simpson Thacher & Bartlett; James Rapp – Simpson Thacher & Bartlett; William Sheehan – Simpson Thacher & Bartlett; Christian Fischer – Simpson Thacher & Bartlett; Jonathan Zane – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Andrew Blau – Simpson Thacher & Bartlett; Nadine Mompremier – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; George Davis – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Louise Kruger – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; Solomon Bashi – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Acushnet Company Inc.;

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Author: Michael Patrini