U.S. golf putter brand Evnroll acquired by Korean maker of QED golf simulators

[Photo provided by Evnroll Putters]

CREATZ Inc., a Korean company known for manufacturing QED golf simulator, has acquired Evnroll Putters, a U.S.-based golf putter brand that ranks second in sales in the Korean putter market.

According to sources last week, CREATZ signed a contract that gives it control of over half of Evnroll’s shares and management rights, and it recently made the payment for the acquisition, which is said to be worth around 20 billion won ($15.2 million).

Despite the acquisition, Guerin Rife, chief executive officer and chief designer of Evnroll, as well as the existing management team, will retain some of their shares and continue to sit on the board for business operation.

CREATZ is expanding its operations in the U.S. market through its subsidiary, Uneekor. It is also considering merging Uneekor and Evnroll in the future, sources said. The acquisition of Evnroll was reportedly motivated by the upcoming launch of TGL, a tech-infused screen golf league set to debut in the U.S. market next year, which CREATZ hopes to leverage for synergies.

CREATZ’s decision to acquire Evnroll was also influenced by the growing popularity of golf simulators in the U.S. Tiger Woods and Rory McIlroy are planning to launch TGL in January next year, which is expected to contribute to the growth of the virtual golf market and increase the demand for high-tech golf simulators.

[Photo by MK DB]

According to the National Golf Foundation, the off-course golf population, which includes indoor golf simulators, is showing an annual growth rate of 12.6 percent in 2022.

Following the acquisition of Evnroll, CREATZ plans to develop putting analysis features and enhance its putter practice program in the golf simulation field. It also plans to release new putter training equipment with improved technology. With the acquisition of a premium U.S. golf brand, CREATZ is expected to establish a foothold in the conservative and closed culture of the PGA, the professional golf association in the U.S.

With Korean companies acquiring well-known global golf brands every year, their status will continue to rise in the global market.

Last year, Daol Private Equity, a private equity fund management company, acquired global leading putter grip company SuperStroke in cooperation with THE VC, a distance measuring device manufacturer. Centroid Investment Partners acquired TaylorMade in 2021 and invested in Concert Golf Partners, which owns 25 luxury golf clubs in the U.S., the following year.

With the success of its overseas M&A, CREATZ is expected to go public as early as the end of this year. The company attracted 27 billion won from Otium Capital, QUAD Investment Management, UTC Investment and Samyang International. CREATZ generated sales of 67.1 billion won last year, up 46 percent on year. Uneekor’s revenue reached 23.5 billion won.