Leonard Green & Partners Acquires 60% of Topgolf 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.

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.

Leonard Green & Partners Acquires Majority Stake in TenCate Grass

December 22, 2023

Manufacturing

Affiliates of Leonard Green & Partners (LGP) will acquire a majority stake in TenCate Grass Holding B.V., purchasing shares from Crestview Partners and select other shareholders. TenCate's senior management will remain invested and continue to lead the company; the transaction advances LGP's entry into the sports and outdoor living surfaces market and is expected to close in February 2024 (terms undisclosed).

Leonard Green & Partners Acquires Majority Interest in Crunch Fitness from TPG Growth

April 15, 2025

Retail

Leonard Green & Partners has agreed to acquire a majority interest in Crunch Holdings, LLC (Crunch Fitness) from TPG Growth and Crunch's minority shareholders. The investment will support Crunch's continued domestic and international expansion of its franchise and corporate gym footprint—Crunch operates over 500 gyms and serves more than three million members worldwide.

Centroid Investment Partners Acquires TaylorMade Golf Company from KPS Capital Partners

May 11, 2021

Consumer Products

KPS Capital Partners has signed a definitive agreement to sell its portfolio company, TaylorMade Golf Company, Inc., to Centroid Investment Partners, a Seoul-based private equity firm. Financial terms were not disclosed; TaylorMade is headquartered in Carlsbad, California and is a leading global designer and manufacturer of golf clubs, balls, bags and accessories.

Topgolf Callaway Brands Sells Jack Wolfskin to ANTA Sports

May 31, 2025

Consumer Products

Topgolf Callaway Brands has completed the sale of its Jack Wolfskin business to ANTA Sports for $290 million, subject to customary closing adjustments. The transaction closed effective May 31, 2025, and Topgolf Callaway Brands said proceeds enhance financial flexibility ahead of its planned separation of Topgolf.