It appears that Oaktree Capital and management at the former Spalding Sports Worldwide have made the decision to stay in the golf ball business.
The new Top-Flite Golf Company takes the name of the remaining companys number one brand in revenues and profits.
The company sold its non-golf business, including the Spalding, Dudley and Sherrin brand names, to Russell Athletic in a $65 million deal that closed Friday. The former Spalding also sold off its struggling Etonic golf shoe and glove business to a group of former Dexter and Etonic golf executives in a deal reportedly worth $10 million.
The remaining golf brands represent about 70% of the pre-divesture business.
The new company will have two “megabrands — Top-Flite and Ben Hogan-across multiple golf categories but segmented by channel distribution and price. Hogan will stay focused on the premium “green grass” market and select sporting goods doors, while Top-Flite will target multiple price-points across all distribution channels. The Strata brand will fold back under the Top-Flite brand eventually, and will continue with its current distribution channels.
The new company wasted little time hitting the road running with the new focus, launching its most aggressive campaign ever with the debut of the Top-Flite Infinity line of golf balls, backed by a $10 million marketing campaign.
>>> Looks like Craigie is putting that Etonic cash to good use right out of the chute…
