Topgolf Fort Worth ahead of the May 5, 2017, opening of the 65,000-square-foot complex just east of downtown Fort Worth, Texas. (David Kent/Fort Worth Star-Telegram/Tribune News Service via Getty Images)
Tribune News Service via Getty Images
Callaway on Tuesday announced that they have sold 60% of Topgolf to Leonard Green & Partners, a Los Angeles based private-equity firm, in a deal valued at approximately $1.1 billion.
Callaway invested in Topgolf in 2006 as they saw the potential in the golf entertainment entity that combines a driving range with games and a sports bar atmosphere that can be enjoyed by novice and serious golfers alike. For over a decade, Callaway owned a smaller fraction of Topgolf, about 14% of the company. In 2020, an announcement was made that there would be a full merger of Topgolf and Callaway, the deal was finalized in the spring of 2021. Since that time, Callaway has seen their stock price drop 45%, from $37 a share in May of 2021 to $10 per share today.
After Callaway’s stock price dropped last year, the company’s CEO, Chip Brewer announced that Callaway would be looking to split up some of its entities back into independent companies, separate from Callaway and revert back to a simpler business philosophy.
“Post-transaction, our ongoing brand portfolio will consist of: Callaway, Odyssey, TravisMathew and Ogio,” said Brewer. “These businesses generated approximately $2 billion in revenue over the last 12 months through Q3 2025. Furthermore, after the closing of this transaction, the ongoing business will be well-capitalized, enabling us to continue to reinvest in our businesses, pay down debt and deliver a meaningful return of capital to shareholders via stock repurchases or other means. We will work with our board of directors to determine the specifics of this capital allocation strategy, as well as the optimal capital structure for our ongoing business.”
Brewer went on to say that his company expects to pocket about $770 million in net proceeds from the sale, which should be finalized this upcoming spring. Toptracer, the ball-flight analytics and gaming technology brand, will also transfer to Leonard Green & Partners.
ORLANDO, FL – JANUARY 26: The Callaway Golf booth during the 2007 PGA Merchandise Show at the Orange County Convention Center on January 27, 2007 in Orlando, Florida. (Photo by Scott Halleran/Getty Images)
Getty Images
As Callaway leans back into the equipment, this is the second sale that the company has made this year that has changed its portfolio. In April, they announced they were selling the Jack Wolfskin brand from Germany to Anta, a Chinese sportswear company for $290 million. Callaway had purchased Jack Wolfskin in 2019 for over $450 million, so they will also sold that brand for a loss.
Callaway reportedly plans to put the proceeds back into its equipment and apparel business while paying down their debt and returning capital to shareholders through stock repurchases. In 2024, the company was number one in the equipment sales in the United States and number two in golf ball sales behind Titleist. As they shift to refocusing on this area of their company, they hope to continue to be a top player in the golf club and equipment sector.
Mike is a founding member of Break80 Golf and a contributing golf and sports writer for Forbes with PGA Tour and LIV Golf media credentials. He can be found on social media platforms @short_sided_golf
Source: https://www.forbes.com/sites/mikefore/2025/11/19/callaway-sells-majority-stake-in-topgolf/
