The $75.5 million all-cash deal for the bag and accessories maker looks to be just the first for ELY as it seeks to grow through acquisitions in a stagnant golf market. Callaway said it is looking for opportunistic buys as well as new ventures, in the golf industry or a tangential business, which will be accretive to earnings. ELY generated $31 million in net cash in 2015, $37 million the year before, and as of Sep. 30, 2016 it had $125 million of cash and equivalents in its war chest and $222 million in total available liquidity.

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