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.
Pool programming that suits members’ changing needs is the best way to ensure that the most family-friendly amenity lives up to expectations.
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 updated clubhouse of ClubCorp’s Mission Hills CC in Rancho Mirage, Calif. and the new $70 million clubhouse at Bighorn GC in Palm Desert, Calif. speak to how even clubs in golf-centric areas like the Palm Springs/Coachella Valley region have to “provide more and more off the course,” golf writer Larry Bohannan noted.
The multimillion project at the ClubCorp property in Rancho Mirage, Calif. is scheduled to be completed this fall. The renovation will update the clubhouse foyer and entrance, add a new “Touchdown Room” with a private work zone, improve the Dinah Shore Boardroom, create a new “Anytime Lounge” with a media area, add two dining rooms including the upscale Oak Room, create new climate-controlled wine lockers, and completely renovate the men’s locker room.
More properties are awakening to how senior players may hold the best promise for growing the game.