Latest news with #Carlsbad-based
Los Angeles Times
28-04-2025
- Business
- Los Angeles Times
Topgolf Callaway To Sell Jack Wolfskin Business for $290 Million
Carlsbad-based Topgolf Callaway Brands Corp. agreed to sell its Jack Wolfskin product line to Anta Sports Products Ltd. for $290 million. As part of the acquisition, Anta Sports Products will acquire 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owns various entities that operate the Jack Wolfskin business. The golf brand was estimated to generate 325 million euros in revenue for 2025 based on the company's financial guidance. The deal was unanimously approved by the Topgolf Callaway board. It is expected to close by the third quarter of 2025. Proceeds from the transaction will be used to enhance Topgolf Callaway Brands Corp's balance sheet and liquidity ahead of the planned separation of Topgolf from its core operations. 'I am pleased to announce we have reached an agreement to sell the Jack Wolfskin business to Anta Sports, a global leader in sports apparel and footwear,' said Chip Brewer, chief executive and president of Topgolf Callaway Brands, in a statement. The Goldman Sachs Group, Inc. acted as financial advisor to Topgolf Callaway Brands Corp., and Latham & Watkins LLP acted as legal advisor. Morgan, Lewis & Bockius acted as legal advisor to Anta Sports Products Ltd. Information for this article was sourced from Topgolf Callaway Brands Corp.
Los Angeles Times
23-03-2025
- Business
- Los Angeles Times
Topgolf Callaway Brands Delivers Strong Q4 2024 Performance
The sporting/entertainment company outpaced expectations, with a 27% surge Carlsbad-based Topgolf Callaway Brands Corp. (NYSE: MODG) capped off 2024 with a solid fourth quarter, reporting 3% consolidated net revenue growth and a remarkable 45% increase in adjusted EBITDA to $101.4 million. The company also delivered a 27% surge in adjusted free cash flow, reaching $203 million. These results exceeded expectations, reinforcing the brand's leadership in golf equipment and lifestyle apparel while highlighting strong operational performance across its diverse portfolio. 'We are pleased with our strong finish to the year,' said Chip Brewer, President and CEO. 'Our Q4 results reflect continued strength in our Golf Equipment business, a robust finish for Topgolf, and successful operational efficiencies at Travis Mathew and Jack Wolfskin. As we move into 2025, our focus remains on improving same venue sales at Topgolf, launching innovative products and driving operational excellence. While we face some short-term headwinds, we are confident in our long-term strategy and ability to deliver significant shareholder value.' However, the company's GAAP net results included a $1.5 million non-cash impairment charge related to Topgolf's goodwill and intangible assets, leading to a GAAP net loss of $1.5 million. Despite some macroeconomic challenges, Topgolf Callaway Brands remains confident in its market-leading position, operational strength and ability to drive long-term growth. By leveraging brand strength, strategic investments and operational efficiencies, the company aims to enhance shareholder value and sustain momentum into 2025.
Los Angeles Times
28-02-2025
- Business
- Los Angeles Times
Franklin Energy Acquires Carlsbad-based Alternative Energy Systems Consulting for $53M
Franklin Energy, an energy solutions provider for utilities, governments and businesses, announced the acquisition of Carlsbad-based Alternative Energy Systems Consulting Inc. for $53 million. It was acquired from Energie Valsabbia SPA, a Spanish company, and previously reported annual revenue of $45 million. 'By bringing together these market leaders, we've created a team uniquely equipped to deliver tailored, tech-driven solutions that meet the evolving and diverse needs of our clients,' said Terry Sobolewski, chief executive of Franklin Energy, in a statement. The acquisition also includes Eva Green Power, a designer and installer of solar power systems, battery back-ups, electric vehicle supply equipment, HVAC, building controls and other clean energy projects. Franklin Energy is owned by private equity firm Abry Partners.
Yahoo
28-01-2025
- Entertainment
- Yahoo
Legoland California Resort to make cuts to entertainment team
CARLSBAD, Calif. (FOX 5/KUSI) — Legoland California Resort is making changes to its operations this year, including cutting down on the number of employees in its entertainment department. In a statement to FOX 5/KUSI Monday, the Carlsbad-based theme park confirmed it is laying off employees in its entertainment team. 'The decision to reduce the size of our entertainment team was undoubtedly difficult, but these changes will allow the Resort to operate more flexibly and responsively in a competitive market,' said a spokesperson for Legoland California. How the Los Angeles wildfires will transform the 2025 Grammys The statement added, 'We are supporting employees during this period of change and will do all we can to help them find alternative employment including sharing auditions for upcoming seasonal events within the Park.' Meanwhile, Legoland Florida is also making structural changes to its workforce. Layoffs are scheduled to start on March 25 and will continue through April 7, according to a Worker Adjustment and Retraining Notification (WARN) notice sent out last Friday by the Florida Department of Economic Opportunity. Though no confirmed number has been shared, the Legoland California spokesperson said the layoffs within the entertainment department will impact less than 100 employees. The full statement from the theme park can be read below: 'At LEGOLAND California Resort we are making operational changes to help us elevate the guest experience in 2025 and beyond. This includes changes in how we deliver entertainment. The decision to reduce the size of our entertainment team was undoubtedly difficult, but these changes will allow the Resort to operate more flexibly and responsively in a competitive market. 'We will continue to have a core in-house entertainment offering, which we will scale up to meet our brand and guest experiences during the year. This will include working with a global leader in this sector – who will be providing employment opportunities – to bolster our entertainment provision during seasonal special events. We are confident that the Resort will still offer a high-quality guest experience, as part of our ongoing focus on creativity and innovation to offer memorable visits. We are supporting employees during this period of change and will do all we can to help them find alternative employment including sharing auditions for upcoming seasonal events within the Park.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
