CARLSBAD, Calif., Nov. 1, 2021 /PRNewswire/ -- Callaway Golf
Company (the "Company" or "Callaway") (NYSE:ELY) today announced that it
has completed a $30 million minority
investment in Five Iron Golf, an emerging, privately-owned, urban
indoor golf and entertainment company offering simulator rentals,
golf lessons, custom club fittings, social events and a curated
food and beverage menu. Callaway
will be accounting for the investment on a cost basis. Other terms
of the transaction were not disclosed.
"We are pleased to announce our partnership with Five Iron Golf
and are excited to support the continued growth of off-course golf
and entertainment," commented Chip
Brewer, President and Chief Executive Officer of
Callaway. "Five Iron Golf has
built a strong brand and leadership position in the evolving indoor
golf market by creating technology-driven, eye-catching venues
appealing to avid golfers, pure entertainment seekers, and everyone
in between. This innovative business aligns with Callaway's belief that the future of golf will
be more accessible and inclusive. The partnership includes a
non-exclusive marketing agreement that provides Callaway the ability to continue to develop
relationships with golfers wherever they engage with the sport and
a valuable opportunity for strategic collaboration that will
benefit both brands."
"In building our brand, we have always emphasized working with
partners who identify with our mission of spreading love of golf
through meaningful, customizable experiences," said Jared Solomon, Chief Executive Officer of Five
Iron Golf. "We are energized by Callaway's approach to golf and entertainment
and are excited for the many opportunities to come." Five Iron Golf
President & Chief Legal Officer Henry
Ciocca, who helped spearhead the transaction, added,
"Working with Callaway and
leveraging its position as an undisputed global leader in golf will
have immeasurable benefits for Five Iron Golf as we continue to
execute our strategic growth plans and vision both domestically and
abroad."
Five Iron Golf was co-founded in 2017 by Jared Solomon, Nora
Dunnan, Mike Doyle, and
Katherine Solomon in New York City and has rapidly expanded to nine
domestic venue locations operating in seven cities and one
international franchise venue location in Singapore. Seven additional venue locations
are currently under development, including Chicago's The Loop neighborhood and
Seattle's Capitol Hill
neighborhood, which are projected to open in December 2021 and January
2022, respectively.
About Callaway Golf Company
Callaway Golf Company
(NYSE: ELY) is an unrivaled tech-enabled golf company delivering
leading golf equipment, apparel and entertainment, with a portfolio
of global brands including Callaway Golf, Topgolf, Odyssey, OGIO,
TravisMathew and Jack Wolfskin. Through an unwavering
commitment to innovation, Callaway
manufactures and sells premium golf clubs, golf balls, golf and
lifestyle bags, golf and lifestyle apparel and other accessories,
and provides world-class golf entertainment experiences through
Topgolf, its wholly-owned subsidiary. For more information
please visit www.callawaygolf.com, www.topgolf.com,
www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and
www.jack-wolfskin.com.
About Five Iron Golf
Five Iron Golf is an urban indoor
golf experience that combines golf, technology, and entertainment
to inspire community and make golf enjoyable for every level of
player. From early morning to late night, each location features
industry-leading golf simulators available for rentals by the half
hour, golf instructors available for private or group lessons, a
full bar, a food menu, and event space. The Fitting Lab, a custom
club-fitting operation and a Golf Digest Top 100 Clubfitter, is
also offered at most locations. Membership options are available
but not required to reserve a simulator, play in Five Iron's golf
leagues, host an event, or book a lesson. Five Iron Golf originated
in New York City in 2017 and has
expanded to Chicago, Baltimore, Las
Vegas, Philadelphia,
Washington, D.C., Pittsburgh, and Singapore, with additional locations coming
soon to Boston, Seattle, and Detroit. More information on Five Iron Golf
and The Fitting Lab is available at fiveirongolf.com and
thefittinglab.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements address
Callaway's current intentions,
expectations or beliefs regarding the benefits of the investment in
Five Iron and the performance of Five Iron and may be preceded by,
followed by or include the words "aim," "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "likely," "outlook,"
"plan," "potential," "project," "projection," "seek," "can,"
"could," "may," "should," "would," "will," the negatives thereof
and other words and terms of similar meaning. Forward-looking
statements include all statements that are not historical facts,
including statements relating to the investment in Five Iron. These
statements are based upon current information and expectations.
Accurately estimating the forward-looking statements is based upon
various risks and unknowns, including market conditions, the
ability to recognize the anticipated benefits of the investment and
competition, and those related to the duration and ongoing impact
of the COVID-19 pandemic, and the other risks and uncertainties
described in Callaway's Annual
Report on Form 10-K for the year ended December 31, 2020, and Forms 10-Q and 8-K
subsequently filed with the Securities and Exchange Commission.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. Callaway does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments, or otherwise.
Callaway Investor Contact
Lauren Scott
(760) 931-1771
invrelations@callawaygolf.com
Callaway Media
Contact
Jeff Newton
Jeff.Newton@callawaygolf.com
Five Iron Golf Media Contact
Nora Dunnan
nora@fiveirongolf.com
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SOURCE Callaway Golf Company