Topgolf Expansion: CEO Outlines Growth Targets Following Leonard Green Deal

Six months after private-equity firm Leonard Green & Partners acquired a 60-percent majority stake in Topgolf, CEO David McKillips outlined a concrete growth plan: three to five new U.S. locations per year, as well as two to four international franchise openings annually. The expansion will be financed by the capital infusion from a deal that closed at approximately $1.1 billion.

The goals come from a CEO interview with Front Office Sports in July 2026 and a separate exclusive interview with D Magazine in June. They represent the most concrete public growth roadmap that Topgolf has presented since the change in ownership.

The Deal Behind Topgolf’s Expansion

Topgolf was formed from the merger of Callaway Golf and Topgolf International and operated for several years as a division of the combined company Topgolf Callaway Brands. Leonard Green & Partners—a Los Angeles-based private equity firm—acquired a 60 percent majority stake effective January 1, 2026. The transaction was valued at approximately $1.1 billion. Topgolf operates a network of technology-driven entertainment facilities featuring multi-story hitting bays and caters to casual players, corporate events, and serious golfers alike.

Read here to find out why Callaway sold its majority stake in Topgolf.

What the Growth Targets Mean

McKillips outlines the strategy in concrete numbers. The U.S. target of three to five new locations per year includes both new construction and potential franchise conversions. The international target of two to four franchise openings per year signals a more cautious pace of expansion abroad—franchising rather than full ownership limits capital risk in early-stage markets. No specific new markets were mentioned in any of the interviews. The figures indicate that Leonard Green intends to use Topgolf as an active growth vehicle rather than purely as a cost-optimization investment.

Outlook: A Benchmark for the Next Five Years

Three to five new U.S. locations per year would significantly expand Topgolf’s reach over a five-year horizon. Whether Leonard Green maintains this pace will be evident from the actual number of openings—the targets publicly set by McKillips provide the benchmark for this.