Adams Golf has acquired putter maker Yes! Golf, company officials have announced.
With a bid of $1.5 million and a total purchase cost of $1.65 million, Adams won a Jan. 18 U.S. Bankruptcy Court auction for the Denver-based Progear Holdings, which did business as Yes! Golf. The purchase includes acquisition of all of Yes! Golf's patented putter technology designs (including C-Groove Putters), the company's registered trademarks and all existing inventory and capital equipment.
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Yes! Golf will be integrated into the Adams Golf operations in Plano, officials said.
"We have been looking for an attractive avenue into the putter market for some time and believe the Yes! Golf brand and technology platform provides us just such an opportunity," said Adams Golf CEO and President Chip Brewer. "Yes! Golf provides Adams Golf compelling putter technology and a positive brand image, including ongoing tour usage based on the performance of the product alone. The Yes! Golf brand will likely benefit from the inclusion into our operational infrastructure and we intend for it to serve as a source of future growth for our company."
The purchase is subject to funding that is expected to occur within the next two business days, Adams officials said.
Historical financials prepared by Yes! Golf show that its revenues were approximately $10.2 million in 2007 and approximately $2.4 million in 2010. The company filed for Chapter 7 bankruptcy in November, triggering the liquidation sale.