ClubCorp has signed agreements to acquire a multi-club portfolio of six golf clubs for a combined purchase price of just under $44 million. The sellers are Stratford Golf Partners and Accord Golf Capital and the acquisition will be funded from existing liquidity. The acquisition includes four private clubs, one semi-private club and one public golf club, adding 171 holes of golf in already established ClubCorp markets throughout the Southeast United States.
The clubs are:
- Bermuda Run Country Club in Bermuda Run, NC, a private country club offering 36 holes of championship golf, two clubhouses, an Olympic pool with lazy river and a tennis center.
- Brookfield Country Club in Roswell, GA, a private country club featuring an 18-hole golf course, clubhouse with banquet rooms, a pool, tennis and fitness facilities.
- Firethorne Country Club in Marvin, NC, a private country club with an 18-hole golf course, clubhouse, water park with four pools and a tennis complex.
- Ford's Colony Country Club in Williamsburg, VA, a semi-private golf club offering three 18-hole golf courses, indoor and outdoor practice facilities, and a clubhouse with upscale and casual dining
- Legacy Golf Club at Lakewood Ranch in Bradenton, FL, a public golf club featuring an 18-hole Arnold Palmer-designed championship golf course, practice facilities and grill.
- Temple Hills Country Club in Franklin, TN, a private country club offering 27 holes of championship golf, a clubhouse, junior Olympic-size pool and tennis
Consistent with prior acquisitions, ClubCorp plans to reinvent and renovate these clubs via a multi-million dollar investment, further adding amenities, functionality and programming to improve the member experience.
The addition of these six clubs continues ClubCorp's expansion of its overall portfolio of owned and operated clubs. Since 2010, ClubCorp has grown its portfolio of clubs by 33 percent, and now includes more than 200 clubs in 26 states, the District of Columbia, Mexico and China. ClubCorp's presence of golf and country clubs in Georgia, North Carolina, Tennessee, Virginia and Florida increases to 32, 10, two, eight and 13, respectively, and expands member's choices to visit more clubs in their local and regional communities.
"We are very happy to announce this acquisition from Stratford Golf Partners and Accord Golf Capital," Eric Affeldt, ClubCorp president and CEO, said in a release about the acquisitions. "This acquisition represents one of the smaller portfolios that continue to be attractive to us and is consistent with our strategy to grow via acquisition and reinvention. These clubs fit well with our stated goal to continue consolidating a very fragmented industry. We welcome our new members and employee partners to the ClubCorp family, as we expand our portfolio of clubs across the country."
Mark Burnett, ClubCorp chief operating officer, added that the clubs are located in existing ClubCorp markets, which will allow the company to enhance the value of ClubCorp's O.N.E. program in several of those markets in addition to providing more golf for its traveling members.
ClubCorp now has more than 300 private clubs and special offerings at more than 1,000 hotels, resorts and entertainment venues. The company ranked No. 4 on Club Industry's Top 100 Clubs list last year with reported 2013 revenue of $815.1 million, which included club operations, food and beverage, and other revenue.