Concert Golf Partners has acquired Philmont Country Club, a historic member-owned private club in the north Philadelphia suburbs. The deal was unanimously approved by the club's Board of Directors and approved by a 95 percent vote of its members on Feb. 28. "This recapitalization achieves everything we have been trying to do on our own for the last 5 years," said Glenn Meyer, club president.
Golf Inc. Magazine
Escalante Golf has acquired Kingsmill Resort in Williamsburg, Virginia for $30.7 million, according to the Virginia Gazette. The Texas-based management company has been slowly acquiring courses, with nine added since 2011. Wiht Kingsmill, it manages 25 18-hole equivalent courses, but Kingsmill is one of its most noted.
ClubCorp isn’t letting an internal review slow it down. The public company recently announced the acquisition of Eagle’s Nest Country Club, a member-owned country club in Maryland, just north of Baltimore, and North Hills Country Club, just north of downtown Philadelphia.
EZLinks Golf announced a significant minority investment by an affiliate of Providence Equity Partners, a global private equity firm with more than $50 billion in assets. While terms of the transaction were not disclosed, the investment helped EZLinks close on the acquisition of Austin, Texas-based Distinct Software Solutions (DSS), a leading marketing technology company specializing in golf.
KemperSports has launched a new service for private clubs that will provide back-of-the-house administrative services.
Named BackSpin Club Services, it will offer payroll and benefits administration, human resources guidance, benchmarking and purchasing power through BackSpin’s national buying network focused on the specific needs of private clubs
BackSpin clients will also get exclusive access to a la carte consulting services to maximize a club’s potential while allowing a club’s leadership to maintain full control of day-to-day operations.
The government of China last week confirmed that it has closed 111 courses and imposed restrictions on another 65 over the last five years as part of an ongoing crackdown against its fledgling golf industry.
China’s Xinhua News Agency claimed the courses were ordered shut down because they were improperly using groundwater or built on either arable land or protected land within nature reserves.
Of the courses facing additional restrictions, 18 were made to return and restore land and another 47 told to shut down construction or business operations.
Less than four months after an investor called on ClubCorp to consider selling itself, the public company may be doing just that, according to sources and a recent U.S. Securities and Exchange Commission filing. The Dallas-based company said it has formed a committee to review and evaluate alternatives.
“The committee is focusing on opportunities to further unlock the value inherent in the company,” ClubCorp said in filing. “The committee is evaluating opportunities with a focus on maximizing value for all shareholders.”
Concert Golf Partners added another private club to its portfolio, with the recapitalization of White Manor Country Club, a member-owned private club in the Philadelphia suburb of Malvern. The club's Board of Directors and its members approved a deal at the end of 2016, which will pay off all the club's debt. It is also expected to lower annual member dues by 10 to 15 percent, and inject more than $1 million into immediate capital projects at the club.
Luu Duc Quang, chairman of Biscom Golf Management, said his parent company’s projects along Vietnam’s coast will “change the landscape” of golf resorts and golf tourism in Asia.
“We want to create a whole new experience and be the leader in changing the landscape [of golf resort development],” he said. “With a new 5-star FLC hotel being built in the city of Quy Nhon, plus FLC Quy Nhon Beach and Golf Resort [on the nearby island of Nhon Ly], we see Quy Nhon becoming a popular new tourism destination in Asia.”