KSL Capital Partners Agrees to Acquire ClubCorp
DENVER, CO, October 10, 2006. - KSL Capital Partners (KSL), a leading private equity firm, today announced that it has entered into an agreement to acquire ClubCorp, Inc., the world leader in delivering premier golf, private club, and resort experiences. ClubCorp's portfolio of assets includes nearly 170 clubs and three renowned resorts. The acquisition is scheduled to close by year-end, immediately following ClubCorp's sale of Pinehurst Resort. These two transactions, which are subject to customary closing conditions, have an aggregate transaction value of approximately $1.8 billion.
Michael Shannon, Managing Director of KSL Capital said: "ClubCorp is the preeminent operator of clubs in the world, and has an unparalleled collection of assets in markets supported by strong demographic trends. ClubCorp fits perfectly into the business sectors that our private equity fund targets. We are very excited to be involved with ClubCorp and its management team."
Among ClubCorp's nationally recognized resort and golf properties are Barton Creek Resort & Spa in Austin, Texas (site of two Canadian Tour events); and The Homestead in Hot Springs, Virginia (America's first resort founded in 1766); Firestone Country Club in Akron, Ohio (site of the World Golf Championships - Bridgestone Invitational); and Mission Hills Country Club in Rancho Mirage, California (home of the Kraft Nabisco Championship);. The more than 60 business clubs and business and sports clubs include the Boston College Club; City Club on Bunker Hill in Los Angeles; Columbia Tower Club in Seattle; Metropolitan Club in Chicago; and the City Club of Washington, D.C.
"This sale provides the desired liquidity for ClubCorp shareholders," said John Beckert, ClubCorp CEO. "More importantly, KSL Capital Partners brings expertise and capital that will enable ClubCorp to expand the enterprise and create new business opportunities to build on our past success. We will continue to lead the private club industry - it is what we have always done and no one does it better."
Citigroup Corporate and Investment Banking acted as M&A advisor, and Simpson Thacher & Bartlett LLP is acting as legal advisor to KSL Capital Partners. Goldman Sachs & Co. acted as M&A advisor, and Haynes and Boone, LLP is acting as legal advisor to ClubCorp.
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