Callaway sells Top-Flite to Dick’s Sporting Goods
Tuesday, May 14, 2013
Citing a desire to focus on its core businesses, Callaway Golf announced April 4 the sale of its Top-Flite brand to Dick’s Sporting Goods.
The decision brings full-circle Callaway’s nearly 10-year ownership of Top-Flite, which, in its heyday, was one of the biggest brands in the golf ball category. In 2003, Callaway acquired Top-Flite from a bankruptcy auction, gaining its manufacturing facilities and instant market share to complement Callaway’s own nascent ball business, which had launched in 2000.
Top-Flite’s steady demise, however, made it a less valuable entity within Callaway’s asset portfolio that includes the premium putter brand Odyssey.
“The decision to sell Top-Flite reflects the company’s renewed focus and commitment to driving the proficiency of our core businesses, specifically the success of Callaway and Odyssey products,” said Chip Brewer, who became Callaway’s president and CEO on March 5. “Our strong working relationship with Dick’s Sporting Goods went a long way towards the completion of this agreement, and we look forward to their stewardship of the Top-Flite brand.”
According to Callaway, the divestiture of Top-Flite followed a global company restructuring designed to reduce costs and increase emphasis on its primary brands.