January 6, 2015 / 1:00 AM / 4 years ago

Titleist owner Acushnet picks Solebury Capital for IPO-source

SEOUL, Jan 6 (Reuters) - Acushnet Company, which owns golf brands such as Titleist and Footjoy, chose U.S.-based Solebury Capital to advise on a potential IPO seen worth around $1.8 billion around 2016, a source with direct knowledge said on Tuesday.

Acushnet was acquired by Fila Korea Ltd and South Korean partners, such as Mirae Asset Private Equity, for $1.23 billion in 2011.

Solebury is conducting an early exploration of an IPO and details on value and venue are yet to be decided, the source said, declining to be identified as not authorised to discuss the matter with the media.

A spokesman for Mirae Asset Private Equity said an IPO had been planned since the 2011 acquisition for the private equity to exit in order to maximise shareholder value. A spokesman for Fila Korea could not be immediately reached.

The Korea Economic Daily reported earlier on Tuesday that Acushnet was expected to complete listing by 2016, likely in New York, citing a high-ranking source at Mirae Asset. It cited a Seoul-based analyst giving an estimated market capitalisation of 2 trillion won ($1.81 billion) for Acushnet.

$1 = 1,107.5000 won Reporting by Joyce Lee; Editing by Michael Perry

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