KSL Completes Acquisition of ClubCorp
DECEMBER 27, 2006. A leading private equity firm, today announced that it has completed its acquisition of 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.
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.
As part of the acquisition, Eric Affeldt, a former partner of KSL Capital Partners, has joined ClubCorp as President and Chief Executive Officer. In addition, KSL Resorts, an independent management company, will manage The Homestead and Barton Creek Resort & Spa for ClubCorp.
Citigroup Corporate and Investment Banking acted as M&A advisor, and Simpson Thacher & Bartlett LLP acted as M&A legal advisor to KSL. Perkins Coie LLP and Brownstein Hyatt & Farber, P.C. acted as legal advisors with respect to the financing for the acquisition. Citigroup Global Markets Realty Corp. led the financing for the acquisition.
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