L.A. Investment Firm Leonard Green & Partners Acquires Majority Stake in Topgolf Business

Carlsbad-based Topgolf Callaway Brands Corp. signed a definitive agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Los Angeles-based Leonard Green & Partners. The transaction values Topgolf at approximately $1.1 billion. In connection with this sale and its related financing transactions, Topgolf Callaway Brands expects to receive approximately $770 million in net proceeds. The transaction is expected to close in 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,” said Chip Brewer, chief executive and president of Topgolf Callaway Brands, in a statement. “This transaction is highly attractive in that it provides the company with both significant proceeds and substantial upside in the continued growth of Topgolf.”

Following the transaction, the golf company’s brand portfolio will consist of Callaway, Odyssey, TravisMathew and Ogio. These businesses generated approximately $2 billion in revenue over the last 12 months through the third quarter of 2025.

Upon closing, the company plans to change its name to Callaway Golf Company and update its ticker symbol to CALY. The Company’s common stock will continue to trade on the New York Stock Exchange.

Topgolf Callaway Brands’ financial advisors are Goldman Sachs & Co. and Centerview Partners, with Latham & Watkins serving as legal counsel. Moelis & Company is acting as financial advisor to Leonard Green & Partners, with Ropes & Gray serving as corporate legal counsel and Sidley Austin serving as financing counsel.

Information for this article was sourced from Topgolf Callaway Brands.