Cornerstone Equity Investors announced today that it has signed an agreement to sell its investment in True Temper Corporation, the US golf shaft and bicycle frame tube manufacturer.

True Temper stake bought by management and private equity firm

True Temper Corporation is the parent company to True Temper Sports, Inc., the maker of True Temper OX Platinium tubes for bicycle frames.

Cornerstone has had money in True Temper for six years, and sold its stake to management and Gilbert Global Equity Partners of the US. The specific terms of the agreement were not disclosed; however, the deal is expected to close within the next 90 days and is subject to regulatory approval and other customary closing conditions.

No changes in trade policies or personnel are anticipated with the pending change of ownership, said a statement from the likely new owners.

The Memphis-based True Temper Corporation employs over 800 people worldwide and operates 10 facilities, located in the US, Europe, Japan, China and Australia.

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