Huffy Corp. sells Tommy Armour
By ADAM SCHUPAK
Senior Writer
Tommy Armour and its three sister brands have been purchased by Hilco Trading Co., a financial services firm based in Northbrook, Ill.
Hilco Consumer Capital LLC, its Toronto-based division specializing in reviving under-performing brands, and Boston-based private equity firm Crystal Capital announced Aug. 27 they have partnered to buy Armour, Ram, TearDrop and Zebra brands from Huffy Corp. based in Miamisburg, Ohio. Terms were not disclosed.
Kirk Peglow, Tommy Armour’s vice president and general manager, described the sale as “both profitable and advantageous for the parent company” in an e-mail correspondence.
HCC management will oversee day-to-day operations of the four brands pending the hiring of a management team of industry professionals.
“Both the Tommy Armour and Ram brands are rich in tradition and we plan to rebuild each to its former stature and beyond,” said Jamie Salter, CEO of Hilco Consumer Capital.
Huffy acquired the four golf brands from extreme sports manufacturer Gen X in 2002 for stock and $19 million in cash. Huffy emerged from bankruptcy in October 2005 as a private company after shedding a number of underperforming divisions and placed much of its future success on its golf business. But the Armour brand, celebrating this year the 20th anniversary of its vaunted 845 irons, hasn’t developed another winning line.
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Adam Schupak is a Golfweek business writer. To reach him e-mail aschupak@golfweek.com.
Posted: 9/7/2007
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