Carlsbad, California-based Topgolf Callaway Brands (NYSE: MODG) has inked a deal to sell a 60% stake in its Dallas-based Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners. The deal gives Topgolf a valuation of around $1.1 billion.
“As we considered various alternatives to separate Topgolf, including a potential spin-off transaction, we received interest from a number of parties,” Chip Brewer, president and CEO of Topgolf Callaway Brands, said in a statement. “After a robust process and a thorough evaluation of a range of alternatives, we believe this sale is the best outcome for our shareholders, as well as our employees and other stakeholders.”
“This transaction is highly attractive in that it provides the company with both significant proceeds and substantial upside in the continued growth of Topgolf,” Brewer added.
Brewer called L.A.-based LPG “a leading private equity firm with a track record of success in investing in high-growth consumer companies and is an ideal partner for Topgolf in its next chapter,” and said his company looks forward to partnering with LGP to further accelerate Topgolf’s growth and financial success.
The deal is slated to close in the first quarter of 2026. Upon closing, Topgolf Callaway Brands plans to change its name to Callaway Golf Company, with an ongoing brand portfolio consisting of Callaway, Odyssey, TravisMathew and Ogio. The company will update its ticker symbol to CALY and its common stock will continue to trade on the New York Stock Exchange.
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