Topgolf Sold to LA Private Equity Firm in $1.1 Billion Deal

Topgolf Callaway Brands Corp. has agreed to sell a 60% stake in its Topgolf and Toptracer business to private equity firm Leonard Green & Partners LP in a deal that values the business at about $1.1 billion.

The sale follows months of discussions over the future of Topgolf, which has been the company’s fastest-growing but most capital-intensive division.

Topgolf Callaway had been exploring options including a spinoff or partial sale for the business, which combines tech-driven driving ranges with food, drinks and social experiences.

Chief Executive Officer Chip Brewer said several parties expressed interest, and the company ultimately decided on ...