A report by the Dallas Morning News considers whether Apollo Global Management’s $1.1 billion acquisition of the Dallas-based owner/operator of clubs could be a positive for the industry, with Jay Karen, CEO of the NGCOA, noting that, “A company would not invest so heavily if there was not a bright spot.” As C&RB reported on […]
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.
The strategic alliance will result in Topgolf providing new technology and benefits for ClubCorp members, and ClubCorp providing special offers and experiences at its properties. At Medina Golf & Country Club, ClubCorp plans to spend more than $2.5 million in two years to update the clubhouse, patio, golf course, practice facilities, and aquatics. Topgolf® is […]
New directors elected to the NCA board for three-year terms are Tom Bennison, ClubCorp USA, Inc.; Luke O’Boyle, CCM, CCE, Chevy Chase (Md.) Club; Nick Sidorakis, CCM, Southern Hills Country Club, Tulsa, Okla.; and Robert L. Smith, II, Venable, LLP, Washington, D.C.
The management firm reported its twelth consecutive quarter of growth while saying it would not pursue being acquired for the time being, noting that it had not received a purchase proposal for the entire company. The acquisition of Oakhurst G&CC in Clarkston, Mich., is ClubCorp’s fourth this year. Eric Affeldt will retire as Chief Executive Officer upon appointment of a successor.
ClubCorp and Alexandria Real Estate Equities have announced plans for the facility, which is slated to open in March 2018. The 15,000-sq. ft. space will feature 22-foot ceilings, a bar, collaborative workspaces and multimedia area, an urban spa, a boutique bouldering gym, bicycle storage, and locker room area.