Adams Golf acquires Yes! Golf

Adams Golf announced today that, with a bid of $1.5 million and a total purchase cost of $1.65 million (inclusive of administration costs) it was the winner at the January 18, 2011 U.S. Bankruptcy Court auction for the bulk sale offering of Denver-based Progear Holdings dba Yes! Golf and its related assets.

Adams Golf acquires Yes! Golf Adams Golf acquires Yes! Golf

The purchase includes acquisition of all of Yes! Golf’s patented putter technology designs (including C-Groove Putters) , the company’s registered trademarks and all existing inventory and capital equipment.

Yes! Golf will be integrated into the Adams Golf operations in Plano, Texas.

The purchase is subject to funding that is expected to occur within the next two business days.

Historical financials prepared by Yes! Golf show that its revenues were approximately $10.2 million in 2007 and approximately $2.4 million in 2010.

“We have been looking for an attractive avenue into the putter market for some time and believe the Yes! Golf brand and technology platform provides us just such an opportunity,” said Chip Brewer, President and CEO of Adams Golf.

“Yes! Golf provides Adams Golf compelling putter technology and a positive brand image, including ongoing tour usage based on the performance of the product alone.

The Yes! Golf brand will likely benefit from the inclusion into our operational infrastructure and we intend for it to serve as a source of future growth for our company.”