SPALDING'S OFF THE MARKET: KKR AGREES TO BUY SPALDING STAKE

     New York investment firm Kohlberg Kravis Roberts & Co. said
yesterday it has agreed to buy a majority interest in Spalding &
Evenflo Cos., the parent of Spalding Sports Worldwide, according
to David Halbfinger of the BOSTON GLOBE.  A KKR spokesperson said
corporate owner, the Cisneros Group, and managers at Spalding &
Evenflo will retain "minority stakes" in the company.  KKR did
not disclose terms of the sale.  Halbfinger notes for Spalding,
the new ownership could "speed the company toward" its goal of
"dominating" the golf equipment industry.  Spalding is still
reportedly "in the hunt" for another golf club company to help it
overtake American Brands, owner of Titleist balls, Footjoy shoes
and Cobra clubs.  One "frequently mentioned target" is Ping's,
Karsten Manufacturing (BOSTON GLOBE, 8/16).  Steven Lipin notes
in the WALL STREET JOURNAL that Wall Street analysts pegged KKR
purchase at between $950M and $1B (WALL STREET JOURNAL, 8/16).