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Topgolf Callaway Brands is exploring a sale of its Topgolf division, with private equity firm Leonard Green in advanced talks to acquire the business, The Wall Street Journal writes.
Topgolf would be sold for roughly $1 billion, according to people familiar with the matter. While a deal might come together soon, it could also fall through.
The move follows years of underperformance: Since Callaway bought the remainder of Topgolf in 2021 at a $2 billion valuation, sales have slowed and shares have fallen roughly 65%. Topgolf Callaway announced in 2024 that it would split into two companies and review strategic options for the entertainment unit.
Topgolf entered the Baton Rouge market in 2018, first purchasing the former Tinseltown theater site off Siegen Lane for roughly $3.65 million and securing permits for a $10 million facility. Construction began that same year, and the venue officially opened in January 2019. Later in 2018, the newly built property was sold to a Dallas-based real estate investment trust for $3.8 million.
Leonard Green—already a minority investor—has been advising management and now appears positioned as a leading buyer of Topgolf. The firm oversees about $75 billion in assets and typically targets service-oriented businesses across consumer, health care and other sectors.
