CARLSBAD, CALIFORNIA., November 1, 2021 / PRNewswire / – Callaway Golf Company (the “Company” or “recall“) (NYSE: ELY) announced today that a $ 30 million Minority stake in Five Iron Golf, an emerging private indoor golf and entertainment company that offers simulator rentals, golf lessons, custom club equipment, social events and a curated menu of food and beverages. recall the investment will be charged according to expenditure. Other terms of the transaction were not disclosed.
“We are pleased to announce our partnership with Five Iron Golf and look forward to supporting the continued growth of off-course golf and entertainment,” commented Chip Brewer, President and Chief Executive Officer of recall. “Five Iron Golf has built a strong brand and leadership position in the evolving indoor golf market by creating technology-driven, eye-catching venues that appeal to avid golfers, pure entertainment seekers, and everyone in between Callaways believe that the future of golf will be more accessible and inclusive. The partnership includes a non-exclusive marketing agreement that provides: recall the ability to continue to build relationships with golfers wherever they are involved in the sport and a valuable opportunity for strategic collaboration that will benefit both brands. ”
“In building our brand, we have always valued working with partners who identify with our mission to spread the love of golf through meaningful, customizable experiences,” said Jared Solomon, Chief Executive Officer of Five Iron Golf. “We are energized by Callaways Approach to golf and entertainment and look forward to the many opportunities. “Five Iron Golf President & Chief Legal Officer Henry Ciocca, who led the transaction, added, “Working with recall and leveraging its position as the undisputed world leader in golf will have immeasurable benefits for Five Iron Golf as we continue to implement our strategic growth plans and visions at home and abroad. ”
Five Iron Golf was founded in 2017 by. co-founded Jared Solomon, Nora Dunnan, Mike Doyle, and Katherine Solomon in New York City and has grown rapidly to nine domestic venues in seven cities and one international franchise venue in. expanded Singapore. Seven more venues are currently under development, including Chicago’s The Loop and district Seattle Capitol Hill neighborhood which is expected to be in December 2021 and January 2022, respectively.
About Callaway Golf Company
Callaway Golf Company (NYSE: ELY) is an unrivaled technology-driven golf company providing leading golf equipment, apparel and entertainment with a portfolio of global brands including Callaway Golf, Topgolf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, recall produces and sells high-quality golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle clothing and other accessories and offers first-class golf entertainment experiences through its wholly-owned subsidiary Topgolf. More information can be found at www.callawaygolf.com, www.topgolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com and www.jack-wolfskin.com.
About Five Iron Golf
Five Iron Golf is an urban indoor golfing experience that combines golf, technology and entertainment to inspire the community and make golf a pleasure for every player. From early morning until late at night, each location offers industry-leading golf simulators available for rent every half hour, instructors for private or group lessons, a fully stocked bar, menu and event space. Most locations also offer the Fitting Lab, a tailor-made club fitting company and a Golf Digest Top 100 Clubfitter. Membership options are available but not required to reserve a simulator, play in the Five Iron golf leagues, host an event, or book a lesson. Five Iron Golf originated in New York City in 2017 and has expanded to Chicago, Baltimore, Las Vegas, Philadelphia, Washington, DC, Pittsburgh, and Singapore, further locations will follow shortly Boston, Seattle, and Detroit. For more information on Five Iron Golf and The Fitting Lab, visit fiveirongolf.com and thefittinglab.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements relate to Callaways current intentions, expectations or beliefs regarding the benefits of investing in Five Iron and the performance of Five Iron and may include the words “aim”, “anticipate”, “believe”, “estimate”, expect “,” forecast “,” intend “,” probably “,” outlook “,” plan “,” potential “,” project “,” forecast “,” search “,” can “,” could “,” like, “” should “,” would ” , “will,” the negatives thereof, and other words and phrases with similar meanings. Forward-looking statements include all statements that are not historical facts, including statements relating to investing in Five Iron. Such statements are based on current information and expectations An accurate estimate of the forward-looking statements is based on various risks and unknowns, including market conditions, the ability to see the expected benefits of investment and competition, and those relating to duration and ongoing outcomes Corrections to the COVID-19 pandemic and the other risks and uncertainties described in Callaways Annual report on Form 10-K for the past year December 31, 2020, and Forms 10-Q and 8-K, which were subsequently filed with the Securities and Exchange Commission. Accordingly, there are or there will be important factors that could cause actual results or results to differ materially from those expressed in these statements. There is no guarantee that forward-looking statements will occur. You are cautioned not to place undue reliance on forward-looking statements that speak only as of the current point in time. recall assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or for any other reason.
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SOURCE Callaway Golf Company