CARLSBAD, Calif., Nov. 1, 2023
/PRNewswire/ -- Topgolf Callaway Brands Corp. (NYSE: MODG) (the
"Company" or "Topgolf Callaway Brands") announced today that it has
purchased certain assets from Invited, Inc. ("Invited"), the
largest owner and operator of private golf clubs in the US, related
to its BigShots Golf ("BigShots") business. The acquisition
adds the BigShots brand and certain locations to the Company's
portfolio of U.S. venues, expanding its leadership position in
off-course golf. The acquired BigShots' portfolio includes four
domestic venues, comprised of one owned venue and three franchise
venues, as well as certain other development rights for other
potential venues. Concurrent with this transaction, the
Company has also entered into a preferred vendor agreement with
Invited in which Topgolf Callaway Brands' products and merchandise
will be featured at Invited's more than 140 golf and country
clubs.
The purchase price for the initial closing is approximately
$29 million. The Company expects the
acquisition to be nominally accretive in its first year and
contribute to scaling economics thereafter. The transaction
is viewed as both financially and strategically attractive to both
sides.
Chip Brewer, President and CEO of
Topgolf Callaway Brands, said, "This acquisition will benefit all
three segments of our business. We are essentially purchasing
an additional off-course venue and the royalty stream from three
franchise venues, including the option to convert those to
Toptracer technology in the near future, as well as further
building out and strengthening our future venue pipeline and
growing our partnership with an important golf equipment and
apparel partner, Invited - all for the price of approximately one
Topgolf venue. This deal is a great example of the synergies
associated with our portfolio of brands and its leadership position
in Modern Golf. It is also just the beginning of what's possible
when two great brands combine their resources and creativity to
develop programs that foster growth and further fuel the momentum
in our game."
About Topgolf Callaway Brands Corp.
Topgolf Callaway Brands Corp. (NYSE: MODG) is an unrivaled
tech-enabled Modern Golf and active lifestyle company delivering
leading golf equipment, apparel, and entertainment, with a
portfolio of global brands including Topgolf, Callaway Golf,
TravisMathew, Toptracer, Odyssey, OGIO, Jack Wolfskin, and World
Golf Tour ("WGT"). For more information, please visit
https://www.topgolfcallawaybrands.com.
About Invited (formerly ClubCorp)
Since its founding in 1957, Dallas-based Invited has operated with the
mission of Building Relationships and Enriching Lives®. The leading
owner-operator of private golf and country clubs, city, and stadium
clubs in North America, Invited is
relentless in its pursuit of providing extraordinary experiences,
meaningful connections, shared passions, and memorable moments for
its more than 400,000 members. The company's mission is supported
by 20,000 peak-season employees and a portfolio of 200 owned or
operated golf and country clubs, city clubs, sports clubs, stadium
clubs in 29 states. Invited creates communities and a lifestyle
through its championship golf courses, workspaces, handcrafted
cuisine, resort-style pools, tennis and pickleball facilities, golf
lounges, fitness centers, and pioneering programming.
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 the
Company's current intentions, expectations or beliefs regarding the
acquisition of the BigShots brand or venues business and the
benefits thereof, synergies and partnership with Invited, future
closings of acquisitions of futher BigShots assets, the Company's
expansion plans and competitive positioning 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. These statements are
based upon current information and expectations. Accurately
estimating the forward-looking statements is based upon various
risks and unknowns, including future industry and market
conditions, the ability to recognize the anticipated benefits of
the acquisition and management's ability to integrate the BigShots
business with the Company's other businesses, risks related to
expansion plans and the other risks and uncertainties described in
the Company's Annual Report on Form 10-K for the year ended
December 31, 2022, 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. The Company 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.
Contact:
Katina
Metzidakis
invrelations@tcbrands.com
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SOURCE Topgolf Callaway Brands Corp.