Peter Nanula plans to buy up to 10 golf courses

Peter Nanula, who ran Arnold Palmer Golf from 1993 to 2000, is back in golf with plans to buy $50 million worth of golf course assets. Nanula’s new company, Concert Golf Partners, recently acquired Heathrow Country Club in Lake Mary, Fla. for $3.5 million.
Nanula said he has two other courses under letter of intent — one in Florida and one in Arizona.
“We are interested in hearing from owners of clubs who want to do something fast,” Nanula said. “There is a large volume of tire kickers out there who spend a lot of time but don’t really have the money [to buy]. That story is getting very tiresome for owners and brokers.”
Nanula, a Harvard-trained lawyer with a background in private equity, said Concert Golf Partners has cash on hand and can close deals within 30 days. He is hopeful to acquire five to ten private or public courses in the near future. The company is focused on courses that have one million people within 20 minutes of the golf course, revenue above $3 million a year, and that are not currently professionally managed. 
“That rules out of a lot of clubs in tourism markets like Las Vegas and Palm Springs,” he said. “They struggle when the economy is down.”
He said Concert Golf Partners is a good buyer for equity clubs facing bank pressure, bank-owned courses, and courses like Heathrow, which was foreclosed on in March.
Heathrow Country Club is a private club with 700 members, and is the centerpiece of Heathrow, a well-known community in Central Florida.
Nanula, who is based in Newport Beach, Calif., entered golf in 1993 as an investment banker when he felt there were good growth opportunities. He acquired 30 golf courses, but sold the company in 2000 when it seemed golf’s future was dimming.
He has been a private equity investor since then and decided to jump back into golf about six months ago after seeing courses selling for bargain prices.
He plans to operate the courses on his own and is in the process of hiring personnel – general managers, directors of golf, etc.
“We are not building a management company,” he said. “We will be owner-operators with our own team. We want to talk to the top 2 percent — people with track records of producing top results.”
Susan Dunnavant, who previously oversaw accounting for Palmer, and ran the golf management division for ValleyCrest in the 90s, will run Heathrow.
"We want to go back to the old Heathrow of better days," Dunnavant told the Orlando Sentinel. "We have a huge vision and are very excited about this club."
Concert Golf Partners has retained most employees and anticipates spending about $1 million on upgrades such as new golf carts, landscaping and some interior design. 


As long as they are planning on making upgrades, I am all for it. Nate

Add new comment

By submitting this form, you accept the Mollom privacy policy.
If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!