Adidas sells TaylorMade to KPS for $425M

First Nike, and now Adidas is leaving the golf industry after selling TaylorMade, Adams Golf, and Ashworth to KPS Capital Partners for $425 million on Wednesday.

“TaylorMade is one of the preeminent golf equipment brands worldwide, with leading-edge products that consistently provide consumers a distinct performance advantage over the competition,” said David Shapiro, a managing partner of KPS, in a statement. “The combination of this iconic brand and KPS’ track record of working constructively with talented management teams to make businesses better will provide the ideal foundation for TaylorMade's future growth.”

On Tuesday, TaylorMade signed Rory McIlroy to an endorsement deal reportedly worth $100 million. The world No. 2 joins Dustin Johnson, Jason Day, and Tiger Woods as notable Tour players currently under contract with the company.

Adidas acquired TaylorMade back in 1997, when it bought Salomon for $1.4 billion.