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.
The bridge at Firestone CC will be dedicated to Arnold Palmer before the start of the World Golf Championships-Bridgestone Invitational. During the World Golf Championships-Bridgestone Invitational next month, Firestone Country Club (Akron) will pay tribute to golf legend, Arnold Palmer, who died in September at the age of 87, by naming the stone bridge 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.
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.
The event brought an estimated 50,000 visitors to the Ohio city, and many area clubs and courses took steps in advance to try to attract everyone from delegates to private pilots with special promotions and rates. But so far, most properties report, it’s been a pretty typical summer week.