Callaway Golf Co. said June 3 that it bought the stake it does not already own in its Callaway Apparel K.K. joint venture for ¥2 billion.

The company, through its Tokyo-based subsidiary Callaway Golf K.K., purchased the remaining 48% stake in the joint venture from partner TSI Groove & Sports Co. Ltd. Callaway Golf K.K. owns 100% of Callaway Apparel K.K., effective June 1.

According to the release, the purchase price values Callaway Golf K.K. at approximately 9x 2019 projected EBITDA.

"This acquisition is consistent with our strategy to accelerate growth in our soft-goods business across brands and geographies," said Chip Brewer, President and CEO of the California-based sporting goods company.

The venture, which makes Callaway branded apparel, footwear and headwear in Japan, began operations in July 2016 and is headquartered in Tokyo.