The private equity firm replaces Starwood Capital and Goldman Sachs as the management firm’s majority shareholders. Troon Founder Dana Garmany will remain as Chairman/CEO and the largest individual stockholder. Greg Norman’s Great White Shark Enterprises is also part of the new investor group.
Scottsdale, Ariz.-based Troon has announced “the completion of a significant transaction with an investor group led by Kohlberg & Company and Greg Norman’s organization, Great White Shark Enterprises.” The transaction provides Troon with new capital and strategic partners, the management firm said, and positions it for “accelerated growth in the golf and hospitality industry, with enhanced resources benefiting its third-party management model.”
Through the transaction, Troon said, Kohlberg & Company, a private equity firm specializing in middle market investing, has acquired a majority of Troon’s stock, replacing Starwood Capital and Goldman Sachs as Troon’s majority shareholders.
Dana Garmany, who founded Troon in 1990, will continue to lead the management firm as its Chairman, CEO and largest individual shareholder, the company said.
Troon’s Board of Directors has been expanded to include principals of Kohlberg & Company and Great White Shark Enterprises (GWSE), including Hall of Fame golfer Greg Norman, the announcement added.
The new investment partnership will “enrich Troon’s value proposition for existing and potential new clients by enhancing the company’s access to capital resources and global relationships,” the company said.
“We are thrilled with our new partners and the resources they bring to the Troon organization,” said Garmany. “Kohlberg & Company’s reputation of investment success, along with a track record of fostering world-class operational performance makes them the ideal partner to help implement Troon’s plans for strategic growth.
“Likewise, Greg Norman and GWSE bring broad golf industry knowledge and a powerful network of global relationships that will further enhance our business,” Garmany added. “With the support of our new partners, we are confident in both the exponential growth of our company and the value of the increased resources and benefits that will be available to our clients today and going forward.”
Troon currently oversees operations at properties located in 34 states and 28 countries and employs more than 9,000 worldwide.
“Troon is the singular gold standard in golf management, with its prestigious brand and reputation built on consistent delivery of championship, world-class experiences for golfers and golf enthusiasts around the globe,” commented Chris Anderson, Partner of Kohlberg & Company. “We feel privileged to be partners with Dana Garmany and his deep team of sophisticated golf and hospitality professionals, and we and our partners at Great White Shark Enterprises look forward to supporting Troon’s continued expansion worldwide as well as their unwavering commitment to exceptional service for all Troon clients, members and guests.”
Added Greg Norman, Chairman & CEO of GWSE: “Under Dana Garmany’s leadership, Troon has redefined management and operational excellence in the golf resort and golf club world, offering the finest experiences and amenities that the industry has to offer. We are pleased to have worked closely with Kohlberg to make this exciting partnership a reality.
“My partners and I look forward to sharing our resources and relationships to help Dana and his team build upon Troon’s celebrated history and elevate the company to new heights worldwide,” Norman added.
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