Leonard Green & Partners, L.P.

How much of Topgolf does Leonard Green own?
Funds managed by Leonard Green own 60% of Topgolf and Toptracer. The ownership became effective January 1, 2026.

Who owns the other 40% of Topgolf?
Callaway Golf Company retained 40%. It was previously named Topgolf Callaway Brands.

How much was the Topgolf transaction worth?
The transaction valued Topgolf at approximately $1.1 billion. Callaway reported about $800 million of net cash proceeds from the sale and related financing transactions.

Is Leonard Green publicly traded?
No. Leonard Green & Partners is a private partnership.

Does Leonard Green operate Topgolf venues?
Topgolf has its own management. Leonard Green exercises owner oversight through governance and board rights.

When did the Topgolf sale close?
The sale became effective January 1, 2026. Callaway announced completion on January 5, 2026.

Leonard I. Green established the firm in Los Angeles in 1989 after working in merchant banking and buyouts. The firm built a specialty in consumer-facing and service businesses and raised successive institutional private equity funds.

Its investments have included businesses in fitness, retail, healthcare, restaurants, and services. Ownership periods and percentages differ by transaction, and many portfolio companies have co-investors.

On November 17, 2025, Topgolf Callaway Brands announced an agreement to sell 60% of Topgolf and Toptracer to a Leonard Green affiliate. The sale became effective January 1, 2026. The equity purchase price for the interest was $660 million. Sale and related financing transactions produced approximately $800 million in net cash proceeds for Callaway, subject to adjustments. The deal valued Topgolf at about $1.1 billion.

Private equity owners face scrutiny over leverage, fees, layoffs, and the treatment of portfolio-company stakeholders. Specific outcomes vary by investment. The Topgolf transaction reduced Callaway's debt exposure, but Topgolf remains capital intensive and privately reported after the sale.