There has been a recent trend of privately held sports-related companies merging with a special purpose acquisition company to go public, which allows them to avoid the current volatility of the stock market. Both DraftKings and Allied Esports have followed that route in the last year.
Built on driving ranges with food, drink, and other entertainment offerings, Topgolf has more than 50 venues across the U.S., the U.K. and Australia. More locations are on the way in Canada, Mexico, and the United Arab Emirates. Topgolf’s current investors include Providence Equity Partners and Callaway Golf Co.
To further bolster its growth, Topgolf is investing heavily in technology, esports and new experiences like Topgolf Lounge and Swing Suite, which is installed in other entertainment facilities. Topgolf also recently opened its first single-level, “community-focused” venue in Augusta, Georgia, with more planned in Chattanooga, Tennessee, and Waco, Texas. The company is said to have $525 million in outstanding debt, according to Bloomberg.