Topgolf Callaway Brands has sold premium outdoor apparel label Jack Wolfskin to Anta Sports for a base price of $290 million.
The cash price is subject to net working capital and other customary adjustments. The companies expect to close the transaction in the late second quarter or early third quarter of this year.
Topgolf Callaway president and CEO Chip Brewer said the deal will allow the company to optimize its resources on its core business, enhance balance sheet and liquidity, and prepare for the planned separation of Topgolf from its 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,” Brewer added.
Topgolf Callaway Brands acquired Jack Wolfskin in 2018 for €418 million, which was approximately $476 million at the time.
Other brands in Topgolf Callaway’s portfolio include Topgolf, Callaway Golf, TravisMathew, Odyssey and Ogio.
For the year ended December 31, the company’s net revenue fell 1.1 per cent to $4.2 billion, which it blamed on declines in the Korea business and the Jack Wolfskin Europe.
