Private equity firm KSL Capital Partners regained ownership of Invited Clubs, a national operator of golf and membership clubs.
Denver-based KSL Capital Partners, which invests only in travel and leisure businesses, agreed to buy Irving, Texas-based Invited Clubs for about $3 billion, including debt, Reuters reported. It’s the second time KSL has owned the company, which claims to be the largest owner and operator of golf clubs in the country.
KSL agreed to purchase Invited from Apollo Global Management, which took Invited private in 2017 for an enterprise value of $2.2 billion, according to the publication. KSL took Invited public in 2013 after having bought it in 2006 for $1.8 billion, according to the publication.
Founded in 1957, Invited Clubs owns over 150 country and city clubs. It counts over 300,000 members across its portfolio.
In Texas, its most prominent golf properties include TCP Craig Ranch in McKinney, a PGA tournament host. Flagship courses in the company’s national portfolio include the Aspen Glen Club in Carbondale, Colorado, the River Creek Club in Leesburg, Virginia and Hunter’s Green Country Club in Tampa.
KSL’s portfolio already included Heritage Golf Group, which operates 47 courses, according to Forbes. In addition to dozens of discrete resorts, such as Margaritaville Hollywood Beach, KSL also owns travel and leisure businesses like Alterra Mountain Company, iFLY Indoor Skydiving and Orion Expedition Cruises.
The deal follows Bain Capital’s acquisition of Concert Golf last year and Leonard Green & Partners’ purchase of a majority stake in Topgolf earlier this year, the outlet reported. Leonard Green & Partners bought a 60 percent stake in Topgolf and Toptracer from Topgolf Callaway Brands, which has since reverted to the Callaway Golf Company name. Callaway retains a 40 percent stake in Topgolf.
Invited was formerly known as ClubCorp until it rebranded in 2022. KSL has added it to its list of investments under the ClubCorp name, its website shows.
— Isaiah Mitchell
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