Anta Sports buys Jack Wolfskin from Topgolf Callaway

Topgolf Callaway Brands Corp. 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 as well as regulatory approvals. The transaction is expected to close in the late second quarter or early third quarter of 2025.

Anta Sports Products Ltd. owns the Anta, Fila, Descente, Kolon Sport and Amer Sports retail stores in China and is the largest shareholder of Arc’teryx, Wilson and Salomon parent company Amer Sports.

“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,” said 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.”

Brewer said the proceeds from the sale “would further enhance the company’s balance sheet and liquidity, reinforcing financial flexibility ahead of its planned separation of Topgolf from the core Callaway 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 said.

The company is not updating its financial guidance at this time. There was an estimate for the Jack Wolfskin business embedded in its full-year guidance dated Feb. 24. That guide saw Wolfskin with about €325 million in revenue and about €12 million in adjusted Ebitda. Given the typical seasonality of the Jack Wolfskin business, this full-year estimate comprises approximately (a) €115 million in revenue and a loss of €18 million in adjusted Ebitda for the first half of 2025 and (b) €210 million in revenue and €30 million of adjusted Ebitda in the second half of 2025.

Goldman Sachs is serving as the company’s financial advisor and Latham & Watkins LLP as its legal advisor.