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.
Steve Timms, President and CEO of the Houston Golf Association, referred to the massive flooding in the region as “a 500-year event.” Golf Club of Houston, Champions Golf Club and River Oaks Country Club are all underwater as the storm continues to dump rain. While the focus now is on rescuing victims from floodwaters, golf courses […]
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.
It may not be possible to completely eradicate disease and other threats from golf course greens, but superintendents have a number of available resources to keep them at bay.
Formerly known as the Bear’s Den, the dining area at The Woodlands, Texas property was renamed in honor of its founding members. The project has updated the bar to a horseshoe shape that seats up to 14 and is lit with LED lighting, added a wine tap system, and created an outdoor space with a patio, fire pit and outdoor seating.