Titleist owner Acushnet picks Solebury Capital as IPO adviser - source

By Joyce Lee SEOUL (Reuters) - Acushnet Company, which owns golf brands such as Titleist and Footjoy, chose U.S.-based Solebury Capital to advise on a potential IPO which could value the company at about $1.8 billion (1.2 billion pounds), a source with direct knowledge of the matter said. The initial public offering is expected to take place in 2016 although the value and venue are yet to be decided, the source said on Tuesday, declining to be identified as they were not authorised to talk to the media. The Korea Economic Daily reported earlier on Tuesday that Acushnet was expected to complete a listing around 2016, likely in New York, with an estimated market capitalisation of 2 trillion won (1.19 billion pounds), citing a high-ranking source at Mirae Asset. Acushnet was bought by Fila Korea Ltd and Fila's South Korean partners such as Mirae Asset Private Equity for $1.23 billion in 2011. Fila and Mirae spokesmen confirmed that an IPO was being considered, but gave no further details. According to the terms agreed upon its acquisition, an IPO would allow Fila Korea to boost its stake in Acushnet to about 33 percent from 12 percent in 2011, as well as clear liabilities incurred in the purchase. Analyst Seo Young-hwa, of LIG Investment & Securities, wrote in a December report that an Acushnet IPO was expected next year. Acushnet's earnings before interest, taxes, depreciation and amortisation rose from $120 million at Fila Korea's acquisition to an estimated $185 million in 2014, he added. (Reporting by Joyce Lee; Editing by Michael Perry and Stephen Coates)