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Topgolf Sold to Private Equity Group for $1.1 Billion
Callaway's sale of a 60% stake in Topgolf to Leonard Green Partners raises $770 million to reduce debt and fund reinvestment amid declining visitor numbers and rising costs.
- Callaway sold a 60% stake in Topgolf International to Leonard Green Partners for $770 million, valuing Topgolf at about $1.1 billion, nearly half its worth five years ago.
- After visitor numbers weakened in recent years, Callaway said proceeds will cut debt and repurchase shares fallen by more than 70% from a multi-year peak, amid rising construction costs.
- Headquartered in Dallas, Texas, Topgolf International operates about 100 US venues and four UK sites, and Chip Brewer said the business will be well-capitalized after the deal closes.
- In the first quarter of next year, the sale is slated to close and the company will revert to its prior name, following earlier talks about splitting the units, Callaway said.
- Historical shifts in ownership and branding set the backdrop for the current transaction, as Callaway originally acquired Topgolf for about $2 billion and Steve and Dave Jolliffe pioneered its ball-tracking concept.
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L.A. Investment Firm Leonard Green & Partners Acquires Majority Stake in Topgolf Business
Los Angeles investment firm Leonard Green & Partners acquires a 60% majority stake in the Topgolf business from Topgolf Callaway Brands in a transaction valuing Topgolf at $1.1 billion.
·Los Angeles, United States
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Topgolf sold to private equity group for $1.1 billion
The deal announced on Nov. 18 culminates a 14-month evaluation process that could have seen Dallas-based Topgolf become an independent, publicly traded company. Instead, Topgolf will become a portfolio company for LGP, a Los Angeles-based private equity firm with about $75 billion in assets under management. Read on to learn more about the latest concerning the popular golf brand.
·United States
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Coverage Details
Total News Sources12
Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
Factuality
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