Topgolf Callaway Brands, based in Carlsbad, California, has agreed to sell a majority stake in its Dallas-based Topgolf and Toptracer businesses, valuing Topgolf at over $1 billion.
Private equity funds managed by Leonard Green & Partners will acquire a 60% share of the businesses. The deal is expected to close during the first quarter of 2026.
“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, per Dallas Innovates. “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.”
Brewer went on to say that the transaction will provide the company with “significant proceeds and substantial upside in the continued growth of Topgolf.”
Brewer said the LA-based PE firm is “an ideal partner for Topgolf in its next chapter,” and that he looks forward to future partnerships with LGP.
Once finalized, the Topgolf Callaway Brands plans to rename itself to Callaway Golf Company.
The company will continue to maintain a brand portfolio consisting of Callaway, Odyssey, TravisMathew, and Ogio. The company will also update its publicly traded stock ticker on the New York Stock Exchange from MODG to CALY.
