Topgolf has a new owner.
The Dallas-based conglomerate Topgolf Callaway Brands announced Tuesday it has entered into a definitive agreement to sell a 60% stake in its Topgolf and Toptracer businesses to Leonard Green and Partners private equity funds.
The sale values Topgolf at $1.1 billion, with Topgolf Callaway Brands expecting to receive $770 million. The deal is expected to close in the first quarter of 2026, pending regulatory approval.
Topgolf Callaway Brands announced intentions to split the businesses in two last year. Callaway and Topgolf merged in 2021 for about $2 billion. A spinoff of Topgolf into a separate public company seemed the most likely option last year.
This summer, then-CEO Artie Starrs departed Topgolf to lead Harley-Davidson, delaying a potential sale or spinoff. But Topgolf Callaway CEO Chip Brewer said then that the departure would not affect their overall strategic plans.
“As we considered various alternatives to separate Topgolf, including a potential spin-off transaction, we received interest from a number of parties,” Brewer said. “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,” the statement continued.
Leonard Green and Partners has investments in dozens of recognizable brands spanning multiple industries, including Life Time Fitness, Velvet Taco, 1-800 Contacts and more.
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