gocchin Posted October 31, 2007 Report Share Posted October 31, 2007 Cleveland Golf was sold by Quicksilver to Sri Sports Japan for 132 million today. This will be interesting if they revamp cleveland... HUNTINGTON BEACH, Calif., Oct 30, 2007 (BUSINESS WIRE) -- Quiksilver, Inc. (ZQK) today announced that it has reached a definitive agreement to sell 100% of the stock of its Cleveland Golf Company, Inc. subsidiary to SRI Sports Limited, based in Japan.The transaction value is $132.5 million and the transaction is expected to close during the fiscal quarter ending January 31, 2008. Net proceeds from the sale will be used to repay existing indebtedness. Quiksilver originally acquired a portion of the interest in Cleveland in its July 2005 acquisition of the Rossignol Group. The remaining interest was acquired in a separate transaction in September 2007. This transaction resulted from Quiksilver's initiative, first announced in June 2007, to explore strategic alternatives to reduce its exposure to the hardgoods manufacturing businesses. Robert B. McKnight, Jr., Chairman of the Board and Chief Executive Officer of Quiksilver, Inc., commented, "We are very pleased to have reached a compelling transaction with SRI Sports. While we believe that Cleveland is the best up-and-coming brand in the golf market with significant growth opportunities, it is not a strategic asset for us as we strive to maximize our core businesses and brands." Bernard Mariette, President of Quiksilver, Inc., commented, "We believe this transaction is a key strategic action for our company that will drive immediate value and enable us to reduce both our exposure to the hardgoods space and our degree of leverage. We are pleased to turn over the leadership of Cleveland to such a capable and well-respected company and believe that this transaction is a clear win for everyone involved." Ryochi Sawada, Chairman of the Board of SRI Sports Limited, commented, "We are very excited to add the Cleveland brand and business to our operations. Cleveland has a clear position of dominance in the important wedge market and a fast-growing presence in drivers and irons. We believe that this business will prove highly complementary to our own. We are looking forward to demonstrating Cleveland's full potential to the market and believe that the business can benefit greatly from our stewardship." Greg Hopkins, President of Cleveland Golf Company, Inc, commented, "We are excited by the many positive aspects of this deal, including the combination of a great brand in golf with a new organization that is completely and solely devoted to the sport. Significantly, their operating model is set up to anticipate and respond to the seasonality and other specific requirements of the golf market. We believe that this singular focus will benefit the entire Cleveland organization in a number of ways. Each of the three companies involved - Cleveland Golf, Quiksilver, and our new parent SRI Sports benefit in significant ways as this transaction will positively effect the futures of all three companies." Commenting on Quiksilver's remaining hardgoods brands, Mr. Mariette continued, "We remain fully committed to our vision to transform Rossignol to a global lifestyle brand and therefore to the continued ownership of the related hardgoods assets." Mr. McKnight added, "We are continuing to evaluate ways to reduce our exposure to risk in some of our non-core winter equipment businesses, including Dynastar, Lange, Look, Kerma and Risport which, like Cleveland Golf, were acquired in 2005 as part of the Rossignol Group." Quiksilver, Inc. was advised by JPMorgan. Quote Link to comment Share on other sites More sharing options...
gocchin Posted October 31, 2007 Author Report Share Posted October 31, 2007 I guess that means PGAPro is now a pro for a Japanese Company and I can put that HiBore XL I have downstairs in my bag. (^_^) Quote Link to comment Share on other sites More sharing options...
ROBOPTI Posted October 31, 2007 Report Share Posted October 31, 2007 Good news for both brands .... I am a BIG !!!!!! fan of both XL & XL Tour Atta Boy Srixon !!!! Quote Link to comment Share on other sites More sharing options...
Duffer19 Posted October 31, 2007 Report Share Posted October 31, 2007 I guess that means PGAPro is now a pro for a Japanese Company and I can put that HiBore XL I have downstairs in my bag. (^_^) So how is the XL treating you? Did you get the J-Spec one? Quote Link to comment Share on other sites More sharing options...
landshark Posted October 31, 2007 Report Share Posted October 31, 2007 would local cleveland reps now be able to get srixon japan goods? Quote Link to comment Share on other sites More sharing options...
gocchin Posted October 31, 2007 Author Report Share Posted October 31, 2007 the deal won't be finalized until next spring... but it'll be interesting to see how they influence each other product wise and how they integrate their touring pros... HiBore XL I've only been able to hit it at the range... got a US Spec one with the fujikura gold... it's straight and long but the feel doesn't do it for me... the Burner I have has better feel but none match the Epon's "feel" Quote Link to comment Share on other sites More sharing options...
Duffer19 Posted October 31, 2007 Report Share Posted October 31, 2007 Is it what a good driver is all about? long and straight. If you really want to feel good and soft , get a Maruman Majesty or S Yard. Quote Link to comment Share on other sites More sharing options...
PGAPro Posted October 31, 2007 Report Share Posted October 31, 2007 I guess that means PGAPro is now a pro for a Japanese Company and I can put that HiBore XL I have downstairs in my bag. (^_^) a few years ago before I was aware of everything that the Japanese offer to the golf industry I might not have liked this move, now I love it, I'm not exactly sure how this will affect my staff agreement yet, but I'm assuming since I have a great relationship with our local Srixon rep that I will be in good hands either way Gocchin, your 100% correct about the feel of the Hibore XL not being as nice as a Burner, the XL has a very firm feel, not exactly pure, the club does well for me because it is very low spinning and has a 2 degree open face with a flat lie(the one in my bag) and it takes the left side out of play, on top of the fact that mine is shafted with a Roddio 7WA which is better than any combo available in the states in my opinion, I just hit bombs with this combo and I couldn't be happier with the performance of the Roddio/Hibore combination, it is ideal spin and anti-left, I literally never miss fairways with my driver because I have such an ideal combo now and I owe alot of thanks to Chris and TSG who took alot of time and effort to get me in the perfect combo that meets my needs, I'm a hard person to please when it comes to equipment, I think Chris found that out over the last year or so, but he has achieved what many in the past have failed to do and for that reason alone I will always spread the word about TSG and their premium service Quote Link to comment Share on other sites More sharing options...
gocchin Posted October 31, 2007 Author Report Share Posted October 31, 2007 I like a driver that is long, straight, feels good and sounds good. (^_^) Quote Link to comment Share on other sites More sharing options...
PGAPro Posted October 31, 2007 Report Share Posted October 31, 2007 (edited) I like a driver that is long, straight, feels good and sounds good. (^_^)I know what you mean, I am actually about to be in the market for a JDM driver, I'm trying to find a "flatter lie" with a 1 degree open face, I'm considering maybe the new PRGR Silver Tour or possibly the Yamaha 425 I have been reading about, I don't know enough about them yet to make a purchase so I'm trying to read as much as possible, I have no idea what I will end up getting but I'm hoping to discover something that will perform similar to my current setup but feel and sound different, besides I can get as many Clevelands as I want at any time and we always want what we don't have right?......ha ha, it is fun just to look in the pro shop area though Edited October 31, 2007 by PGAPro Quote Link to comment Share on other sites More sharing options...
gocchin Posted October 31, 2007 Author Report Share Posted October 31, 2007 I know what you mean, I am actually about to be in the market for a JDM driver, I'm trying to find a "flatter lie" with a 1 degree open face, I'm considering maybe the new PRGR Silver Tour or possibly the Yamaha 425 I have been reading about, I don't know enough about them yet to make a purchase so I'm trying to read as much as possible, I have no idea what I will end up getting but I'm hoping to discover something that will perform similar to my current setup but feel and sound different, besides I can get as many Clevelands as I want at any time and we always want what we don't have right?......ha ha, it is fun just to look in the pro shop area though J, now you can send me some of your Cleveland stuff... but I'll need a softer flex. Quote Link to comment Share on other sites More sharing options...
PGAPro Posted October 31, 2007 Report Share Posted October 31, 2007 J, now you can send me some of your Cleveland stuff... but I'll need a softer flex. you have I have done plenty of business in the past, all you have to do is ask and you shall receive my friend Quote Link to comment Share on other sites More sharing options...
capedgolfer Posted November 7, 2007 Report Share Posted November 7, 2007 Does anyone have a picture of those Clevleand Forged Prototypes that were sold in Japan like 6 years ago? They were a combo set, had a funky wave in the cavities. Those looked awesome! Quote Link to comment Share on other sites More sharing options...
Bat Posted November 8, 2007 Report Share Posted November 8, 2007 I like a driver that is long, straight, feels good and sounds good. (^_^) I guess we have the same taste. I also wouldn't mind if it looks good at address. lol Bat Quote Link to comment Share on other sites More sharing options...
gocchin Posted November 8, 2007 Author Report Share Posted November 8, 2007 I guess we have the same taste. I also wouldn't mind if it looks good at address. lolBat That helps too Bat, but if you're really good, you can always close your eyes Quote Link to comment Share on other sites More sharing options...
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