Members of Philmont Country Club in Huntingdon Valley, Pa, received an e-mail on April 15thfrom Concert Golf Chairman Peter Nanula that said his company had entered into discussions with ClubCorp to acquire 16 of Concert’s clubs, including Philmont, according to a Philadelphia Inquirer report. Nanula and a ClubCorp spokesperson would not comment further when contacted about the message.
The transaction for the management firm’s acquisition by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, LLC, was expected to close on or about September 18th after its approval at a special stockholders meeting a day earlier. Upon the closing, stockholders will be entitled to receive $17.12 per share in cash.
Through the all-stock deal with the private-equity firm, which is expected to close in the fourth quarter of this year, shareholders will receive $17.12 per share in cash, a premium of about 30.7% over the management firm’s closing stock price on July 7. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success,” said Chairman John Beckert.
Events in celebration of the Akron, Ohio club’s centennial include an April 20 cocktail party and a themed gala in September. The property’s current Founders Room will soon become a Heritage Tribute Room paying homage to the club’s past, including side-by-side comparisons of the golf course’s original layout and its current design.
Notable shifts in one of the industry’s key markets, Scottsdale, Ariz., reflect how club and resort properties must respond to new trends in golf, recreation and leisure.
GreatLIFE Golf and Fitness bought St. Joseph (Mo.) Country Club in March, and began demolition on June 1 for the first phase of an improvement project that includes a fitness center. Fairlawn Country Club in Akron, Ohio showcased the completion of a new golf practice facility and patio/pavilion during a grand opening on June 3.