Topgolf has bought rival driving range experience business BigShots Golf for $29m from Invited as parent company Topgolf Callaway Brands (TGB) seeks to solidify its position in the off-course golf market.
TGB has bought four BigShots venues in the US, including one owned venue and three franchise venues, as well as certain other development rights for other potential sites.
TGB has also entered into an agreement with Invited which will see Callaway golf equipment and merchandise featured at Invited’s 140-plus golf and country clubs throughout the US.
Chip Brewer, President and CEO of Topgolf Callaway Brands, said: “This acquisition will benefit all three segments of our business. We are essentially purchasing an additional off-course venue and the royalty stream from three franchise venues, including the option to convert those to Toptracer technology in the near future, as well as further building out and strengthening our future venue pipeline and growing our partnership with an important golf equipment and apparel partner, Invited – all for the price of approximately one Topgolf venue.
“This deal is a great example of the synergies associated with our portfolio of brands . It is also just the beginning of what’s possible when two great brands combine their resources and creativity to develop programs that foster growth and further fuel the momentum in our game.”