We’ve just received word that TaylorMade CEO, David Abeles, has sent an email to employees notifying them that adidas has sold the company to KPS Financial LP, a New York-based private equity firm.

Clark Shultz at Seeking Alpha is reporting that the sale price was $425 Million. “The terms stipulate that half of the deal price will be paid in cash with the remainder in a combination of secured note and contingent considerations.”

The Adams and Ashworth brands are also included in the sale.

According to Abeles’ email, KPS “is committed to the continued growth and development of our brands, business and people.”

Abeles adds:

Over the course of the past 12 months, I have personally come to know the leadership team at KPS and, like TaylorMade, they have talented people with strong professional values who share our vision. I couldn’t be more thrilled that they have chosen to acquire our company.

Today’s announcment, that tTaylorMade will be joining KPS, marks the next step in our journey together, a stepping stone toward realizing our mission and vision, and for all of us, an exciting new chapter.

The letter also includes a message of thanks to adidas for its 19 years of support:

This is a great moment to reflect on TaylorMade’s journey as part of the adidas Group. Being a part of adidas, since 1998, has been an incredible ride. Over the past 19 years TaylorMade has grown to become the innovation and performance leader in the Golf Industry, and has strengthened its market share position in all categories during this period.

Our remarkable growth was made more possible because of adidas’ belief and support. I would like to thank Kasper and the wider team in Germany for everything they have done to help us be successful. We look forward to working closely with KPS and the adidas Group over the next several months to insure [sic] a smooth transition for TaylorMade. We are targeting Fall 2017 for an official close date and change of ownership.

As one chapter closes, another one begins. So this is also the beginning of a new and exciting phase in our company’s history.

Word of the sale comes on the heels of the company’s announcement that it has signed Rory McIlroy to a long-term endorsement deal. It’s safe to assume KPS was involved in the negotiations.

While we can’t be certain what happens next, we expect major changes will take place once the sale is complete.