Topgolf Callaway Brands is reportedly in discussions to sell its Topgolf division to private-equity firm Leonard Green, according to people familiar with the matter. They said the prospective deal would value Topgolf at roughly $1 billion. As of Thursday’s market close, Topgolf Callaway held a valuation of nearly $2 billion. Leonard Green is understood to have already taken a minority position in Topgolf and has been providing management with its views on the business.
Callaway first invested in Topgolf in 2006 and later acquired the remaining shares in 2021 in a transaction that valued the company at about $2 billion. Since then, Topgolf’s revenue momentum has softened as casual players have grown less willing to pay for its experiences, and the company’s stock price has dropped roughly 65% since the merger.
Source: Sports Business Journal
