ANTA Sports Acquires Jack Wolfskin from Topgolf Callaway Brands

Callaway Golf Company Completes Merger with Topgolf International

March 8, 2021

Media & Entertainment

Callaway Golf Company and Topgolf International have completed their previously announced merger to form a combined, tech-enabled golf and entertainment leader. Under the terms of the deal Callaway issued approximately 90 million shares to Topgolf shareholders; immediately post-close Callaway shareholders owned ~51.3% and former Topgolf shareholders owned ~48.7% of the combined company, which is headquartered in Carlsbad, California with Topgolf operations based in Dallas, Texas.

Leonard Green Acquires 60% Stake in Topgolf from Topgolf Callaway Brands

January 1, 2026

Restaurants & Hospitality

Private equity funds managed by Leonard Green & Partners acquired a 60% stake in Topgolf and Toptracer from Topgolf Callaway Brands, valuing the Topgolf unit at approximately $1.1 billion. Topgolf Callaway Brands received about $800 million in net cash proceeds, retained a 40% stake, and used proceeds to repay $1 billion of term loan debt while announcing a corporate name change back to Callaway Golf Company.

Topgolf Callaway Brands Acquires BigShots Golf Assets from Invited

November 1, 2023

Restaurants & Hospitality

Topgolf Callaway Brands Corp. acquired certain assets related to the BigShots Golf business from Invited, Inc., including four U.S. venues (one owned, three franchised), development rights and related assets. The deal, with an initial purchase price of approximately $29 million, also includes a preferred vendor agreement with Invited to feature Topgolf Callaway Brands' products at Invited's club portfolio, expanding the company's off-course golf footprint and strategic partnerships.

Society Brands Acquires Wolf Tactical

May 31, 2023

Consumer Products

Society Brands, an ecommerce aggregator, has acquired Wolf Tactical, a Fort Lee, New Jersey–based tactical gear brand. Founder Tim Wu will remain as Brand President as Wolf Tactical joins Society Brands' portfolio to accelerate growth and expand the brand's product offering.

Designer Brands Acquires Topo Athletic

December 19, 2022

Consumer Products

Designer Brands Inc. has acquired Topo Athletic, a performance athletic and outdoor footwear brand headquartered in Framingham, Massachusetts. The deal brings Topo into Designer Brands' Owned Brands portfolio to expand its presence in the performance athletic, outdoor and athleisure categories; terms were not disclosed and Topo's founder Tony Post will remain as CEO of Topo reporting to Designer Brands' president.

Worldwide Golf and Capitol Hill Group Acquire Big 5 Sporting Goods

October 2, 2025

Retail

A partnership comprised of Worldwide Golf and Capitol Hill Group completed a merger to take Big 5 Sporting Goods private, with Big 5 surviving as a wholly owned subsidiary of the partnership. Under the deal, Big 5 stockholders will receive $1.45 per share in cash; the buyers said the combination pairs Capitol Hill Group's capital with Worldwide Golf's specialty retail expertise to re-energize growth.