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.
ClubCorp is in talks to buy Philmont Country Club in Huntingdon Valley, Pa. and 15 other properties now owned by Newport Beach, Calif.-based Concert Golf Partners, the Philadelphia Inquirer reported.
In an e-mail sent on April 15 to members of Philmont CC, the Inquirer reported, Concert Golf’s Chairman, Peter Nanula, said that “Concert Golf has entered into discussions with ClubCorp to acquire 16 of our clubs, including Philmont.
“Over the next few months, our staff will be working closely with the ClubCorp team as they conduct due diligence on the clubs and we communicate to them all of the unique qualities and specific commitments we have made to the members at Philmont,” Nanula added in his message, the Inquirer reported.
Nanula characterized ClubCorp in his e-mail to Philmont members as the “one company in our industry that can take Philmont to the next level,” the Inquirer reported.
“It would take us years—or even decades—to replicate what ClubCorp offers their members,” Nanula added, according to the Inquirer.
Reached by phone, Nanula declined to discuss the negotiations with the Inquirer or specify which clubs would change hands, citing company policy of not commenting on deals that have not closed.
Concert’s website lists 17 golf clubs in its portfolio, the Inquirer reported, including White Manor Country Club in Malvern, Pa., but it had not been determined whether that property or all of the others would be part of the deal.
Other clubs owned by Concert Golf include the Muttontown Club in East Norwich, N.Y., Indian Spring Country Club in Boynton Beach, Fla., Blue Hill Country Club, in Boston, Mass. and MacGregor Downs Country Club in Cary, N.C. (http://clubandresortbusiness.com/2016/04/getting-back-track-macgregor-downs-cc/).
ClubCorp spokeswoman Patty Jerde said in an e-mail to the Inquirer that her company also does not comment on transactions that have not been finalized.
“ClubCorp routinely evaluates and entertains discussions about properties for potential acquisition,” Jerde added.
The report of the negotiations come a little over a year after Philmont was acquired by Concert and about nine months after New York-based buyout firm Apollo Global Management LLC agreed to acquire ClubCorp of Dallas for $1.1 billion (http://clubandresortbusiness.com/2017/07/clubcorp-bought-apollo-global-management-1-1-billion/)
Concert Golf acquired 36-hole, 295-acre Philmont, which was founded as an all-Jewish club in 1906, in February 2017 in a deal that involved the payoff of the club’s debt and other commitments and bought White Manor CC under a similar arrangement at the end of 2016, the Inquirer reported.
ClubCorp owns or operates more than 200 golf and country clubs, business clubs, sports clubs and alumni clubs in 27 states, the District of Columbia and two foreign countries. Its properties include Firestone Country Club in Akron, Ohio; Indian Wells Country Club near Palm Desert, Calif., and The Woodlands Country Club in the Woodlands, Texas, outside Houston.