Topgolf Callaway Brands 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 deal 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.
Even though the company is not updating its financial guidance at this time, embedded in its February 24, 2025, full year guidance was an estimate for its Jack Wolfskin business of about €325 million in revenue and €12 million of Adjusted EBITDA.
Given the typical seasonality of the Jack Wolfskin business, this full year estimate is comprised of approximately 1.) €115 million in revenue and a loss of €18 million of Adjusted EBITDA for the first half of 2025 and 2.) €210 million in revenue and €30 million of Adjusted EBITDA in the second half of 2025.
Advisors: Goldman Sachs is serving as the company’s financial advisor and Latham & Watkins is its legal advisor.
KEY QUOTES:
“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. This sale will allow us to increase our focus and optimize our resources on our core business. 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. 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.”
– Chip Brewer, President and CEO of Topgolf Callaway Brands
