ClubCorp, Dallas, has acquired the Medina Golf & Country Club in Medina, Minnesota, its first club in the North Star State.
Through 2019, ClubCorp will invest more than $2.5 million into a refurbishment project at the Medina site, the company announced in a media release. Improvements are expected to include contemporary dining options, new features to the 45,000-square-foot clubhouse and patio, and general updates to the 18-hole golf course and aquatics facilities.
The site is located 20 miles west of downtown Minneapolis.
“We are very excited to add Medina Golf & Country Club to our family of clubs,” Mark Burnett, ClubCorp COO and president, said in the release. “As our first club in Minnesota, and, specifically the rapidly growing Minneapolis market, Medina fits our acquisition and reinvention criteria perfectly – a beautiful family centric club, located in a growing residential community, that offers a wide range of amenities, including 18 holes of championship golf and a nine-hole par-3 where we can introduce golf to our beginners while expanding the practice opportunities for our more avid golf members.”
Club President Michael Matthews expressed his enthusiasm about joining ClubCorp.
"This transition is a win-win for our club and for ClubCorp, and most certainly for our membership,” Matthews said in the release. “As an already thriving club, we look forward to the significant benefits, services, and investments ClubCorp will provide us to further strengthen and enrich our club and the membership experience at Medina.”
Medina is ClubCorp’s fifth acquisition in 2017. The company has also announced it is opening a new club in Seattle called The Collective.
Over the last year, ClubCorp has received pressure from FrontFour Capital Group LLC, one on its largest investors, over its recent acquisition strategy and once-depreciating shareholder value.
Earlier this spring, a ClubCorp strategic review committee announced the company would not pursue a sale in the near future and, instead, would focus on organic growth, reinvention and acquisitions. After reaching an agreement with FourFront Capital, two independent directors joined ClubCorp’s executive board last month.
Longtime company president and CEO Eric Affeldt announced in April his retirement. His permanent replacement has not yet been announced.
In April, ClubCorp also reported its 12th consecutive quarter of growth.
ClubCorp was ranked No. 4 on Club Industry’s Top 100 Health Clubs of 2016 with $1.1 billion in 2015 revenue.