The management firm’s new CEO has an extensive background in major golf industry executive leadership positions, including American Golf, Nike Golf, PGA Tour Properties (TPCs) and the PGA Tour. President and COO Mark Burnett is transitioning out after 12 years in executive roles with the company. David Pillsbury has been named Chief Executive Officer of…
Report: ClubCorp Deal Could “Breathe Life” into Industry
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…
ClubCorp Bought by Apollo Global Management for $1.1 Billion
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.