Adams Golf Buys Yes! Golf at auction
Adams Golf, the Plano, Texas, company that is especially well-known for making hybrid clubs and game-improvement equipment, made the wining bid in a bankruptcy court auction on Jan. 18 for the purchase of Yes! Golf. The winning bid was $1.5 million, but according to a statement released by Adams Golf, the total purchase price will be about $1.65 million when administrative costs are added.
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. Yes! Golf will be integrated into the Adams Golf operations in Plano, Texas. The purchase is subject to funding that is expected to occur within the next two business days. Historical financials prepared by Yes! Golf show that its revenues were approximately $10.2 million in 2007 and approximately $2.4 million in 2010.
"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 Chip Brewer, President and CEO of Adams Golf. "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 two most famous wins for Yes! putters came when Retief Goosen used a Yes! Tracy to win the 2004 U.S. Open at Shinnecock Hills, and just last season, when Jim Furyk used a Yes! Sophia en route to winning the 2010 PGA Tour Championship at East Lake.