A Brief History of Golf M&A (with Predictions)

What’s the Next Big Golf Acquisition?

Golf has seen countless mergers and acquisitions over the past several decades, shaping the industry as we know it today. However, compared to previous eras, major strategic moves in the golf world have been relatively rare in recent years. The most notable recent acquisition involving a major golf brand was Callaway’s purchase of Topgolf in 2021.

Are we on the verge of a wave of mergers and acquisitions in the golf industry? Probably not. But that doesn’t mean a few big moves couldn’t happen in the coming years. Here are two predictions:

Callaway Will Acquire Good Good

Callaway has a history of acquiring lifestyle and apparel brands, as seen with its TravisMathew acquisition in 2017. Acquiring Good Good would give Callaway direct access to a younger, content-driven audience. After all, 20-year-olds aren’t exactly being influenced by Larry David wearing TravisMathew.

Callaway’s existing partnership with Good Good feels like a strategic trial run—testing how well the two brands complement each other. And as the Good Good team gets older, they may start looking for an exit to explore new ventures and focus on their personal lives.

TaylorMade Will Acquire L.A.B. Golf

While TaylorMade has had success with the Spider putter line, there’s still plenty of room for growth in their putter category. Acquiring L.A.B. Golf, with its innovative lie-angle balanced technology, would position TaylorMade to compete more directly with Callaway + Odyssey and Titleist + Scotty Cameron.

Past Notable Transactions

With so many new independent golf brands emerging, who knows what could happen? But golf has always been a game of big business moves, some expected, some completely out of nowhere.

Over the years, we’ve seen some massive deals that shaped the golf world as we know it today. From Titleist grabbing Scotty Cameron in the ‘90s to Callaway’s bold play for Odyssey, the industry has been anything but stagnant.

Here’s a look back at some of the most notable golf acquisitions over the years:

1985: Acushnet Company Acquires FootJoy
Acushnet Company, known for its Titleist brand, acquired FootJoy, a leading golf clothing company. This acquisition expanded Acushnet's product offerings to include golf shoes, gloves, and apparel.

1994: Titleist (Acushnet) Acquires Scotty Cameron Putters
Scotty Cameron had been making premium milled putters and was gaining traction on the PGA Tour. Titleist saw an opportunity to add a high-end putter brand to its portfolio.

1996: Spalding/Evenflo Acquired by KKR
Private investment firm Kohlberg Kravis Roberts acquired Spalding and Evenflo, renaming the company Spalding Holdings Corp. The deal was valued between $900 million and $1 billion.

1996: Cobra Acquired by Titleist (Acushnet)
American Brands, Acushnet’s parent company, purchased Cobra for $700 million, aiming to combine Cobra's strength in oversize irons with Titleist's leadership in golf balls and gloves.

1997: Odyssey Acquired by Callaway
Callaway Golf purchased putter maker Odyssey for $130 million to enhance its putter offerings.

1997: TaylorMade Acquired by Adidas
Adidas purchased Salomon Group, which included TaylorMade, integrating the golf brand into its portfolio.

2002: Maxfli Acquired by TaylorMade
TaylorMade purchased Maxfli and its patent portfolio, aiming to strengthen its position in the golf ball market.

2003: Top-Flite and Ben Hogan Brands Acquired by Callaway
Callaway acquired Top-Flite Golf, including the Ben Hogan brand and Strata name, for $174.4 million, gaining valuable golf ball patents and manufacturing facilities.

2007: Cleveland Golf Acquired by SRI Sports (Srixon)
SRI Sports Ltd., parent of Srixon, acquired Cleveland Golf for $132.5 million, aiming to strengthen its presence in the U.S. market.

2010: Cobra Acquired by Puma
Puma AG purchased Cobra from Acushnet to enter the golf equipment market, combining Cobra's club expertise with Puma's footwear line.

2011: Acushnet (Titleist, FootJoy, Pinnacle) Acquired by Fila Korea
Fila Korea Ltd. and Mirae Asset Private Equity purchased Acushnet Company for $1.225 billion, aiming to expand in the Asian market.

2012: Adams Golf Acquired by TaylorMade
TaylorMade acquired Adams Golf for approximately $70 million, aiming to combine Adams' focus on game-improvement clubs with TaylorMade's offerings.

2017: TaylorMade Sold to KPS Capital Partners
Adidas sold TaylorMade to KPS Capital Partners for $425 million, refocusing on its core apparel and footwear businesses.

2020: Century Golf Partners and Hankuk Industry Acquire PGA WEST Portfolio
Century Golf Partners formed a joint venture with Hankuk Industry to acquire the PGA WEST Portfolio, including The Citrus Club, comprising five clubhouses and nine golf courses in La Quinta, California.

2022: TaylorMade Acquired by Centroid Investment Partners
Centroid Investment Partners, a Korean private equity firm, purchased TaylorMade, continuing its expansion in the golf equipment market.

2021: Callaway Acquires Topgolf
Callaway Golf completed its acquisition of Topgolf, a chain of driving ranges with a sports bar atmosphere, for $2 billion, aiming to diversify and attract younger, casual golfers. However, Callaway has announced plans to spin-off Topgolf into its own separate business later in 2025.

2022: TaylorMade Acquired by Centroid Investment Partners
Centroid Investment Partners, a Korean private equity firm, purchased TaylorMade, continuing its expansion in the golf equipment market.

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