Topgolf Callaway Brands Corp. has agreed to sell its Jack Wolfskin business to Anta Sports for a base price of $290 million in cash, subject to net working capital and other customary adjustments. The transaction is expected to close in the late second quarter or early third quarter of 2025 and is subject to customary closing conditions, including receipt of certain regulatory approvals.

Anta Sports Products, Ltd. is the largest shareholder of Arc’teryx, Wilson and Salomon parent Amer Sports and the owner of retail stores in China for the Anta brand, Fila, Descente, Kolon Sport, and Amer Sports.

“I am pleased to announce we have reached an agreement to sell the Jack Wolfskin business to Anta Sports, a global leader in sports apparel and footwear,” commented Chip Brewer, president and CEO of Topgolf Callaway Brands. “This sale will allow us to increase our focus and optimize our resources on our core business.”

Brewer said the proceeds from the sale “would further enhance the company’s balance sheet and liquidity, reinforcing financial flexibility ahead of its planned separation of Topgolf from the core Callaway operations.”

“We believe Anta Sports will be a good steward of the iconic Jack Wolfskin brand, and we thank our Jack Wolfskin employees who have worked diligently to right-size this business and prepare it for this next chapter,” Brewer offered.

The company is not updating its financial guidance at this time. There was an estimate for the Jack Wolfskin business embedded in its full-year guidance dated February 24, 2025. That guide saw Wolfskin with ~ €325 million in revenue and ~ €12 million of Adjusted EBITDA. Given the typical seasonality of the Jack Wolfskin business, this full-year estimate comprises approximately (a) €115 million in revenue and a loss of €18 million of Adjusted EBITDA for the first half of 2025 and (b) €210 million in revenue and €30 million of Adjusted EBITDA in the second half of 2025.

Goldman Sachs is serving as the company’s financial advisor and Latham & Watkins LLP as its legal advisor.

Image courtesy Jack Wolfskin