Bain Capital has purchased Concert Golf Partners from Clearlake Capital Group in a deal that could top $1.3B.
Clearlake first invested in Concert Golf in 2022. It helped expand the upscale golf course and country club company’s portfolio through 14 acquisitions, bringing Concert Golf’s total locations to 39 across the U.S, according to a press release from the company.
It isn’t clear what the valuation of the sale to Bain is, though sources told Bloomberg News that it could be more than $1.3B, including debt.
Clearlake declined Bisnow’s request to comment on why the company decided to exit at this time. Bain didn’t respond to a request for comment.
“The partnership with Clearlake has been invaluable for Concert Golf,” Concert Golf CEO Peter Nanula said in the press release. “With their support, we have significantly enhanced our capabilities, expanded our portfolio of top clubs, and built a world-class team.”
Golf skyrocketed in popularity during the coronavirus pandemic, and courses continue to hold on to the pandemic boost. The National Golf Foundation reports participation has increased by 45% since it began tracking data in 2016.
“The question we get most often is, ‘Is this sustainable?’ and the data that we see, we don’t see a lot of things that are pointing south,” foundation CEO Greg Nathan told Sports Business Journal.
Concert Golf, headquartered in Lake Mary, Florida, will look to take advantage of that trend by opening more locations under Bain’s ownership.
Concert Golf “is well positioned to further build on that success and continue expanding its portfolio of premier clubs,” Bain Capital partner Jennifer Davis said in the release.
Goldman Sachs and Rothschild & Co. acted as financial advisers for Bain Capital, and Kirkland & Ellis acted as legal counsel. Moelis & Co. acted as financial adviser for Clearlake and Concert Golf, and Wachtell, Lipton, Rosen & Katz acted as legal counsel.
