Topgolf Callaway Brands has entered into an agreement to sell its Jack Wolfskin business to ANTA Sports for a base price of $290 million in cash.
The transaction, which is expected to close in the late second quarter or early third quarter of 2025, is subject to net working capital and other customary adjustments.
“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. 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.”
Although 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 approximately €325m in revenue and €12m of Adjusted EBITDA.
Given the typical seasonality of the Jack Wolfskin business, this full year estimate is comprised of approximately (a) €115m in revenue and a loss of €18m of Adjusted EBITDA for the first half of 2025 and (b) €210m in revenue and €30m of Adjusted EBITDA in the second half of 2025.
