Private equity firm Leonard Green has agreed to acquire a 60% stake in Topgolf Callaway Brands’ Topgolf unit in a deal that values the golf entertainment business at $1.1bn, according to a report by Bloomberg citing company statements.
The deal marks the end of the partnership roughly five years after Callaway merged with Topgolf.
Callaway will receive $770m in net proceeds from the sale which its says will allow the remaining business to strengthen its balance sheet, reinvest in operations, reduce debt, and return capital to shareholders, CEO Chip Brewer said. Following completion, the company will revert to its original name, Callaway Golf Company, in the first quarter of fiscal 2026.
Los Angeles-based Leonard Green manages approximately $75bn in assets across sectors including consumer, healthcare, and business services. Topgolf Callaway had previously signalled a potential split of its units to unlock shareholder value after its stock fell more than 70% from post-merger highs.
