Callaway Golf Company Completes Merger with Topgolf International

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.

ANTA Sports Acquires Jack Wolfskin from Topgolf Callaway Brands

May 31, 2025

Consumer Products

ANTA Sports has completed the acquisition of the Jack Wolfskin business from Topgolf Callaway Brands Corp. for $290 million (subject to customary closing adjustments), closing effective May 31, 2025. Topgolf Callaway Brands said the sale supports a strategic refocus on its core businesses and improves financial flexibility ahead of a planned separation of Topgolf.

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.

Perfect Game Acquires Triangle Top Gun Sports

February 25, 2025

Media & Entertainment

Perfect Game has acquired Triangle Top Gun Sports LLC from owner Wes Gregory, bringing roughly 4,000 travel baseball teams under Perfect Game’s national platform. The deal expands Perfect Game’s market leadership and geographic footprint across the Carolinas and will integrate Triangle Top Gun’s tournament operations into Perfect Game’s nationwide events and scouting network.

Troon Acquires Golf Technology Platform ClubUp

July 27, 2022

Cloud & SaaS

Troon, the global leader in golf and club hospitality management, has acquired ClubUp, a golf technology company that powers caddie programs at 65 clubs and resorts. Troon will invest in and expand ClubUp’s platform while the existing ClubUp team and other stakeholders remain with the business and have taken an equity stake in Troon.