[Alpha Biz= Paul Lee] Daol Private Equity (Daol PE) has acquired Lamkin, the second-largest global player in the golf grip market, for approximately 80 billion KRW.
According to sources in the investment banking (IB) industry on Tuesday, Daol PE completed the acquisition of Lamkin, a golf grip manufacturer with a 100-year history. Lamkin was founded in 1925 by Elver Lamkin and is currently led by his grandson, Bob Lamkin, as CEO. Lamkin holds a 10% share of the global golf grip market, making it the second-largest manufacturer in the industry.
According to market research firm Custom Market Insights, the global golf grip market size reached $192.7 million (approximately 281.4 billion KRW) in 2023, and it is expected to grow at a compound annual growth rate (CAGR) of 3.5% until 2032.
The acquisition of Lamkin by Daol PE follows its 2022 acquisition of SuperStroke, the global leader in the golf grip market, as part of a bolt-on strategy. This strategy involves acquiring similar companies to enhance the overall value of the business. Daol PE, in partnership with strategic investor (SI) VC, had acquired SuperStroke for around 180 billion KRW.
The funding for the Lamkin acquisition was sourced from SuperStroke's excess cash reserves.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
