Callaway Golf on the selling block? Manufacturer responds to report

callaway golf sale

Topgolf Callaway responded to claims from a Korean news outlet that its hard-goods business was being sold.

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One of the leading golf-equipment manufacturers could be for sale, according to a report from South Korea’s Chosun Daily.

According to the report, Topgolf Callaway‘s major shareholders, which include BlackRock, Providence Equity and Carolina Hurricanes owner Thomas Dundon, have tapped a lead manager to investigate the possibility of spinning off the Callaway Golf equipment and hard-goods business to focus solely on its high-tech Topgolf driving ranges.

The news outlet reported that Callaway would be valued at nearly $3 billion, and that a South Korean “strategic investor is reportedly in the running to acquire the company.” To put the reported value into perspective, Korea-based Centroid Investment Partners acquired TaylorMade Golf from New York-based KPS Capital Partners in 2021 for $1.7 billion — a number that remains the largest acquisition in the history of the golf-equipment industry.

One of the several bar areas at Topgolf Scottsdale.
Inside a Topgolf entertainment facility. Topgolf Callaway

In the hours after the report was published Wednesday, Topgolf Callaway’s stock value shot up more than 10 percent.

When reached for comment by, a Callaway representative issued the following statement: “While it is our long-standing practice not to respond to market rumors and speculation, in light of today’s unusual market activity, coupled with a recent media report originating in Korea regarding discussions of a potential sale of the Company or its golf equipment business, we confirm that we are not aware of any such discussions. We do not intend to comment further on this topic, and we assume no obligation to make any further announcement or disclosure should circumstances change.”

Korean investors have acquired some of the biggest brands in the industry in recent years, beginning with the acquisition of Acushnet Co. (Titleist’s parent company), in 2011, by a group that included Fila Korea and Mirae Asset Private Equity. A decade later, Centroid Investment Partners purchased TaylorMade from KPS.

Callaway initially invested in Topgolf in 2006, before increasing its stake to 14 percent in 2018. Two years later, in 2020, the two sides merged and eventually changed the name to Topgolf Callaway, in March 2021, when Callaway completed an all-stock acquisition ($2.66 billion) of Topgolf Entertainment Group.

Topgolf Callaway CEO Chip Brewer knows the ins and outs of selling a golf hard-goods business, if such a situation were to materialize. In 2012, Brewer was the CEO of Adams Golf and played a pivotal role in its sale to TaylorMade-Adidas Golf for a reported $70 million. Following the sale, he was hired by Callaway and in that period grew its business portfolio beyond just golf equipment by acquiring Travis Mathew, Jack Wolfskin, OGIO and Topgolf.

Brewer has remained bullish regarding the company’s future and confirmed during its Q4 earnings conference call last month that “virtually all” of the venues recently opened have produced “average opening results [that] have exceeded our targets.” He also reiterated that Callaway equipment would remain a large part of the gear message at Topgolf, in particular the Chrome Tour golf ball.

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During the conference call, Brewer also offered a similarly strong report on Callaway’s recent hard-good sales and position in the marketplace.

“In addition, our respective marketing teams are leaning into our Callaway Chrome Tour Golf Ball launch to promote sales and trial of our new golf ball,” Brewer said. “Our goal is 200,000 new users coming specifically from Topgolf.”

“The business performed exceptionally well from a brand perspective in 2023,” he said. “Our U.S. dollar market share placed us as the No. 1 club brand and the No. 2 golf ball brand. In clubs alone, we were the No. 1 in total clubs, drivers, fairway woods, hybrids and irons.

“This was led by our 2023 launch of Paradym. In Q4, we had a highly successful launch of our new Ai-One putter line. Global revenues were up 5% in Q4 and approximately flat on a full-year currency-neutral basis, despite an approximately $100 million headwind related to 2022’s retail inventory catch-up.”

Topgolf Callaway’s portfolio includes Callaway, Topgolf, Travis Mathew, TopTracer, Jack Wolfskin, Odyssey, OGIO and World Golf Tour.


Jonathan Wall Editor

Jonathan Wall is GOLF Magazine and’s Managing Editor for Equipment. Prior to joining the staff at the end of 2018, he spent 6 years covering equipment for the PGA Tour. He can be reached at

Ryan Barath Editor

Ryan Barath is GOLF Magazine and’s senior editor for equipment. He has an extensive club-fitting and -building background with more than 20 years of experience working with golfers of all skill levels, including PGA Tour players. Before joining the staff, he was the lead content strategist for Tour Experience Golf, in Toronto, Canada.