ClubCorp agrees to acquisition by Apollo Global Management LLC.
Select language to see a machine translation of this article. The original language of the Article is English and the translation is provided for your convenience.

ClubCorp agrees to acquisition by Apollo Global Management LLC.

ClubCorp, the leading name in professional club management, has agreed to a $1.1 billion acquisition. The move comes less than a year after activist investor FrontFour Capital urged the company to consider “any and all strategic alternatives” including a sale of the company. In April, ClubCorp announced it wouldn’t consider a sale, but the departure of its long-standing CEO Eric Affeldt may have signaled the approach of changing attitudes.

ClubCorp’s share price has shot upwards by 27% in the last month

clubcorp1707

SOURCE: Yahoo Finance

Investors reacted enthusiastically to the news, and the company said: “this transaction represents the culmination of our review of strategic alternatives and achieves our goal of enhancing value for shareholders.”

David Sambur, senior partner at Apollo, made the following comment:

“We are excited for our funds to be acquiring ClubCorp. We look forward to working with ClubCorp’s outstanding management team and talented employees, who have built a best-in-class member-centric business that delivers exceptional experiences. We plan to leverage Apollo’s resources and expertise while working with ClubCorp’s dedicated team to continue to grow the business and provide the highest level of service and club offerings to members.”

ClubCorp owns or operates more than 200 private clubs worldwide, and the deal is expected to close in the fourth quarter of this year.

Disclosure

Dominion holds ClubCorp in its Global Trends Luxury Fund.


If you would you like to receive the Newsfeeds daily, please click here to sign up now!

Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
0.0/5 rating (0 votes)

Disclaimer
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.