Callaway Golf has completed a $30 million minority investment in Five Iron Golf, a privately-owned US-based indoor golf business, which hires out bays for simulator play, and for booking golf lessons, custom fittings and social events.
Five Iron Golf was co-founded in 2017 by Jared Solomon, Nora Dunnan, Mike Doyle, and Katherine Solomon in New York and currently operates nine sites in the US and one franchised outpost in Singapore. It has seven new venues currently under development in the US, including sites in Chicago and Seattle.
Chip Brewer, President and Chief Executive Officer of Callaway, which completed its merger with TopGolf in March this year, said: “We are pleased to announce our partnership with Five Iron Golf and are excited to support the continued growth of off-course golf and entertainment.
“Five Iron Golf has built a strong brand and leadership position in the evolving indoor golf market by creating technology-driven, eye-catching venues appealing to avid golfers, pure entertainment seekers, and everyone in between. This innovative business aligns with Callaway’s belief that the future of golf will be more accessible and inclusive.
“The partnership includes a non-exclusive marketing agreement that provides Callaway the ability to continue to develop relationships with golfers wherever they engage with the sport and a valuable opportunity for strategic collaboration that will benefit both brands.”
Jared Solomon, Chief Executive Officer of Five Iron Golf, said: “In building our brand, we have always emphasised working with partners who identify with our mission of spreading love of golf through meaningful, customizable experiences, We are energized by Callaway’s approach to golf and entertainment and are excited for the many opportunities to come.”
Five Iron Golf President & Chief Legal Officer Henry Ciocca, who helped spearhead the transaction, added: “Working with Callaway and leveraging its position as an undisputed global leader in golf will have immeasurable benefits for Five Iron Golf as we continue to execute our strategic growth plans and vision both domestically and abroad.”
