Topgolf Callaway Brands is selling Jack Wolfskin to ANTA Sports for $290 million in cash.
The transaction is expected to close in the late second quarter or early third quarter, pending closing conditions and regulatory approvals, according to a news release.
“This sale will allow us to increase our focus and optimize our resources on our core business,” said Chip Brewer, president and CEO of Topgolf Callaway Brands, in a statement. “Importantly, the proceeds will further enhance our balance sheet and liquidity, reinforcing our financial flexibility ahead of our planned separation of Topgolf from our core operations.”
Topgolf Callaway announced that it was undertaking a strategic review that could include spinning off Topgolf in August of last year. The company’s portfolio also includes Callaway Golf, TravisMathew, and more. Topgolf Callaway’s net revenue decreased by 1.1% to $4.2 billion in its full year results, released in February. It reported a GAAP loss of $1.2 billion in 2024 compared to $237 million income from operations in the previous year. Adjusted EBITDA declined by 1.5% to $587 million.
Revenue in TopGolf’s active lifestyle segment, which includes Jack Wolfskin and TravisMathew, declined by 7.8% to just over $1 billion in 2024. The company attributed the decline to lower European wholesale revenue at Jack Wolfskin and lower corporate channel revenue at TravisMathew, which resulted from a channel fill-in which occurred in 2023 and did not repeat in 2024. The revenue decline was partially offset by growth in Jack Wolfskin’s China business and TravisMathew’s DTC and wholesale business.
Topgolf acquired Germany-based Jack Wolfskin in 2019 for $476 million in 2019. After launching its first U.S. store in 2020 and making a big wholesale push to expand in the region, Jack Wolfskin exited the U.S. market in August 2024.
ANTA Sports is one of China’s largest sportswear makers, and it also owns Descente, Fila, and other brands. ANTA is also a major investor in Amer Sports, parent of Arc’teryx, Salomon, and more, and was part of the consortium that took that company private and relaunched it on the New York Stock Exchange in 2024.
Topgolf Callaway is not updating its financial guidance at this time. Its full year guidance, shared in February, estimated Jack Wolfskin would bring in approximately €325 million ($361 million) in revenue and €12 million ($13 million) in adjusted EBITDA. The full year estimate is based on approximately €115 million ($127 million) in revenue and an adjusted EBITDA loss of €18 million ($20 million) in the first half of 2025. In the second half of the year, it estimated €210 million ($233 million) in revenue and €30 million ($33 million) of adjusted EBITDA.
“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 said.
