Topgolf sold to private equity firm for $1.1 billion

Core Insights - Topgolf Callaway Brands is selling a majority stake of its Topgolf brand to private equity firm Leonard Green for approximately $1.1 billion, retaining a 40% stake in the brand [1][3] - The sale comes amid a significant downturn for Topgolf, with same-venue sales declining by double digits and layoffs occurring at its corporate office [2] - Callaway acquired Topgolf in March 2021 for $2.6 billion, and expects to receive around $770 million in net proceeds from this sale [3] Company Strategy - The decision to sell Topgolf was made after considering various alternatives, including a potential spinoff, with the belief that this sale is the best outcome for shareholders and stakeholders [4] - Leonard Green has a successful track record in investing in high-growth consumer companies, which aligns with Topgolf's growth potential [4] Future Outlook - The transaction is expected to close in the first quarter of 2026 and was unanimously approved by the board of directors [5] - The company aims to partner with Leonard Green to accelerate Topgolf's growth and financial success [5]