Topgolf Entertainment Group Acquisition, Valuation, Funding & Investors

Topgolf Entertainment Group was acquired by Leonard Green & Partners for $1.1B in November 2025.

Topgolf Entertainment Group acquisition price

$1.1B

Acquired by Leonard Green & Partners · Nov 2025

Cumulative funding Topgolf Entertainment Group raised

$26M

across 1 funding round

Topgolf Entertainment Group Overview

About Topgolf Entertainment Group

Topgolf Entertainment Group is a Dallas-headquartered operator of golf entertainment venues featuring climate-controlled hitting bays, microchipped balls for scoring, and full-service dining. Founded in 2000, the company runs locations in the United States, United Kingdom, Australia, and Mexico. Topgolf merged with Callaway Golf Group in 2021 and lists on Nasdaq under the ticker TOPG, hosting events for corporate groups and leagues.


Founded

2000

HQ

United StatesDallas, TX

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$1.1B (acquired Nov 2025)

Topgolf Entertainment Group Acquisition

Topgolf Entertainment Group was acquired by Leonard Green & Partners for $1.1B on 18 November 2025.

Before the acquisition Topgolf Entertainment Group had raised $26M across 1 funding round.

Topgolf Entertainment Group operates as a technology-enabled golf entertainment venue chain with over 100 locations worldwide, offering climate-controlled hitting bays, microchipped golf balls tracked by Toptracer technology, food and beverage services, and social entertainment experiences. Originally acquired by Topgolf Callaway Brands in a $2 billion all-stock merger in 2020, Topgolf faced headwinds from rising interest rates, elevated construction costs, and intensifying competition, resulting in like-for-like sales declines of about 10% per quarter in recent years. Private equity firm Leonard Green & Partners, managing $75 billion in assets and with investments in consumer brands like Shake Shack, Petco, Velvet Taco, and Zaxby's, acquired a 60% majority stake in Topgolf and its Toptracer unit from Topgolf Callaway Brands in a $1.1 billion enterprise value transaction announced on November 18, 2025, and closed effective January 1, 2026, with final closing on January 5. The deal generated approximately $770-800 million in net cash proceeds for Topgolf Callaway Brands after adjustments, enabling $1 billion in term loan repayments, debt reduction, and share repurchases, while retaining a 40% equity stake for ongoing upside participation. Topgolf Callaway Brands, which reverted to Callaway Golf Company (ticker: CALY) post-transaction, will refocus on its $2 billion revenue Golf Equipment & Active Lifestyle portfolio including Callaway, Odyssey, TravisMathew, and Ogio brands. CEO Chip Brewer highlighted the transaction as the optimal outcome after evaluating spinoffs and bids from multiple parties, positioning Leonard Green—already holding a prior 3% stake—as an ideal partner to accelerate Topgolf's growth amid value initiatives like Sunday Funday, Half-Off Golf promotions, and an upcoming PlayMore subscription program; advisors included Goldman Sachs, Centerview Partners, and Latham & Watkins for the seller, with Moelis, Ropes & Gray, and Sidley Austin for the buyer.

Topgolf Entertainment Group acquisition details
AcquirerDateTypePrice
  • Leonard Green & Partners
18 Nov 2025PE buyout$1.1B

Sources: leonardgreen.com, restaurantdive.com

Topgolf Entertainment Group Funding History

Topgolf Entertainment Group has raised a total of $26M across 1 funding round.

Topgolf Entertainment Group funding rounds

Topgolf Entertainment Group funding rounds
DateStageRaisedDeal Summary
Sep 2013Undisclosed stage$26MTopgolf Entertainment Group raised $26.4M in a Series Unknown round on September 13, 2013, from Providence Equity Partners. The company, a golf entertainment leader founded in 2000 in London, operated venues with competitive golfing games using advanced technology for all skill levels. By August 2013, it was recognized by Inc. magazine as one of America's fastest-growing private companies with 118% revenue growth from 2009-2012, ranking #2,894 on the Inc. 5000 list, and had nearly 1,000 jobs created. It was nearing 10 million visits and opening its 10th U.S. location in The Colony, TX, with plans for three more in 2014. Earlier in 2013, a separate $17.3M raise of a planned $25M round was reported. later data shows $163.5M sales in 2014. The company expanded rapidly, reaching 10 locations by end of 2013 and 28 by 2015 serving 8 million customers. In 2016, it secured a $275M credit facility following acquisitions of World Golf Tour and Protracer, enhancing digital and tech offerings. Topgolf continued growth, merging with Callaway Golf in 2021 in an all-stock deal valuing it at nearly $2.5B enterprise value (including $555M debt), with Callaway owning 14% prior. The combined entity projected $3.2B annual revenues by 2022. Topgolf later acquired assets like BigShots Golf in recent years.

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Acquisitions by Topgolf Entertainment Group

Topgolf Entertainment Group has acquired 2 companies to date.

Last acquisition by Topgolf Entertainment Group was on May 24th 2016. Topgolf Entertainment Group acquired Protracer AB for undisclosed valuation.


Latest Acquisitions by Topgolf Entertainment Group

Protracer AB
WGT Media
Description
Protracer AB is a Swedish golf-technology company, based in Stockholm, that pioneered software for tracking the flight of a golf ball in a camera feed and drawing its path on screen, and it now operates as Toptracer within Topgolf. Its broadcast product shows viewers the ball's flight together with speed, distance and other shot data, and has featured in TV coverage of the PGA Tour, the European Tour, The Open Championship and the Ryder Cup across Europe, Japan and the United States. In 2012 the company launched Protracer Range, which applies the same technology at driving ranges to trace and analyse every shot hit from the bays; Toptracer Range is now installed at more than 1,200 golf facilities worldwide. Protracer earns money by licensing its technology to broadcasters and range operators. The company was founded in 2005 by Daniel Forsgren, who left his IT job in 2003 to build a prototype. In May 2016 Topgolf Entertainment Group acquired Protracer to build media content and continue licensing the technology to ranges; at the time it had range customers in the US, UK, Sweden, Finland, Germany, Portugal and the Netherlands, and its team stayed in Sweden.
WGT Media, the developer of World Golf Tour (WGT Golf), is an American sports gaming company based in San Francisco that makes a free-to-play online multiplayer virtual golf game. The game recreates real courses in the United States, the United Kingdom, the Netherlands, Canada and Mexico using patented 3D photorealistic georeferencing technology built from thousands of high-definition aerial photographs of each course, so players can compete on venues such as Pebble Beach, Merion, Oakmont and the Olympic Club alone, with friends, in skills challenges or in prize tournaments. WGT earns revenue from sponsored online tournaments, advertising and in-game microtransactions for virtual clubs, balls and avatar clothing, with green fees on some licensed courses. Co-founders Chad Nelson and YuChiang Cheng began the project in 2006, recruiting former Electronic Arts developers to build the physics engine; the company launched a demo in 2007, opened a beta in October 2008, recorded its 100 millionth virtual round in January 2011 and released mobile versions in October 2013. By 2016 WGT had more than 14 million players across web, social and mobile platforms. In January 2016 Topgolf acquired World Golf Tour, creating the largest digital golf audience; WGT's staff moved into the new Topgolf Media division, led by WGT co-founder and chief executive YuChiang Cheng.
HQ CountrySwedenUnited States
HQ City
Stockholm
San Francisco, CA
Deal Date24 May 201628 Jan 2016
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Topgolf Entertainment Group Competitors

Topgolf Entertainment Group competitors include listed companies like SOLIBRA Cote d'Ivoire and Orion Holdings, and private ones like Kopi Kenangan, Rebel Foods, Country Delight and Naixuecha.

Public and private companies comparable to Topgolf Entertainment Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Kopi KenanganIndonesiaJakartaPrivate--$1B-
Rebel FoodsIndiaMumbaiPrivate$173M-$1.4B8.1x
Country DelightIndiaGurgaonPrivate$148M-$820M5.5x
NaixuechaChinaShenzhenPrivate$725M-$1.8B-
SOLIBRA Cote d'IvoireCote d'IvoireCote d'IvoirePublicly listed--$1.1B-
Orion HoldingsSouth KoreaSouth KoreaPublicly listed$2.5B$526M$1.1B-

Topgolf Entertainment Group Public Comps

Topgolf Entertainment Group is no longer listed, but its public comps include SOLIBRA Cote d'Ivoire, Orion Holdings, Ziyan Foods, Mezzan Holding, Compagnie des Alpes, Aker BioMarine, Westlife Foodworld, Daiichikosho, Lassonde and Podravka.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SOLIBRA Cote d'Ivoire------
Orion Holdings$2.5B$526M0.9x-4.4x-
Ziyan Foods$486M$65M2.2x2.1x16.7x18.2x
Mezzan Holding$961M$113M1.5x1.4x12.4x8.8x
Compagnie des Alpes$1.6B$465M1.7x1.6x5.6x5.3x
Aker BioMarine$218M$32M6.0x5.6x41.0x27.3x
Westlife Foodworld$276M$43M4.6x4.2x30.1x31.2x
Daiichikosho$1B$263M1.2x1.1x4.6x5.4x

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Common questions about Topgolf Entertainment Group

When was Topgolf Entertainment Group founded?Topgolf Entertainment Group was founded in 2000.
Where is Topgolf Entertainment Group headquartered?Topgolf Entertainment Group is headquartered in Dallas, TX, United States.
Is Topgolf Entertainment Group publicly listed?No, Topgolf Entertainment Group was acquired by Leonard Green & Partners in November 2025.
Who acquired Topgolf Entertainment Group?Topgolf Entertainment Group was acquired by Leonard Green & Partners in November 2025.
How much was Topgolf Entertainment Group acquired for?Topgolf Entertainment Group was acquired for $1.1B in November 2025.
How much funding has Topgolf Entertainment Group raised?Topgolf Entertainment Group has raised $26M across 1 funding round.
What was Topgolf Entertainment Group's last funding round?Topgolf Entertainment Group's last funding round was a $26M undisclosed-stage round in September 2013.
Which companies are comparable to Topgolf Entertainment Group?Companies comparable to Topgolf Entertainment Group include Kopi Kenangan, Rebel Foods, Country Delight, Naixuecha, SOLIBRA Cote d'Ivoire and Orion Holdings.
How many companies has Topgolf Entertainment Group acquired?Topgolf Entertainment Group has acquired 2 companies, including Protracer AB and WGT Media.

See companies similar to Topgolf Entertainment Group

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