2012 PGA Merchandise Show Report – Part 1

Almost ten years ago we espoused a theory in our PGA Merchandise Show report regarding why we believed that consolidation in the golf equipment industry was inevitable. On the heels of what appeared at the time to be isolated transactions, we believe that it is now readily apparent that if consolidation has not occurred, at least we have a bona fide trend of transactions taking place. The trend has not necessarily taken the form we expected. We expected the aggregation of brands under fewer organizations, but transactions are taking place nonetheless and assets are in motion ... more