Private equity firm Apollo Global Management is considering an initial public offering for ClubCorp that could value the private golf club and resort operator at $4.5 billion, according to Bloomberg.
ClubCorp was taken private in 2017 after Apollo purchased the company from KSL Capital Partners in a deal valued at around $1.1 billion. The Dallas-based company is the largest golfing chain in the U.S. with more than 200 golf clubs, resorts, country clubs, and athletic clubs — including more than 430,000 members, according to its website.
Apollo adds to a growing list of companies embracing golf’s popularity amid the global pandemic.
- South Korea-based private equity firm Centroid Investment Partners acquired TaylorMade Golf in May 2021 for $1.7 billion.
- SoftBank’s Fortress Investment Group agreed to acquire course operator Accordia Golf for $3.5 billion last November.
- Earlier this month, Tonal launched its first golf workouts with pro golfer and investor Michelle Wie West.
ClubCorp could go public for the second time as early as this year. Apollo is currently working with advisers on the potential IPO process, but no final decision has been made.
Promising Growth
Apollo, which has roughly $498 billion of assets under management, generated $1.2 billion in revenue in Q4 2021, down from $1.3 billion in revenue for the same period the year prior.
Full-year revenue reached $6 billion in FY2021, compared to $2.4 billion in revenue in FY2020.
