Owner Of Stonehenge Country Club In Chesterfield And Other Clubs Agrees To Be Sold To Private Equity Giant For $1.1B


By Richmond Times-Dispatch

ClubCorp Holdings Inc., an owner and operator of more than 200 golf, business and sports clubs including Stonehenge Golf & Country Club in Chesterfield County, agreed to be bought by a private equity firm for $1.1 billion in an all-cash transaction.

Apollo Global Management LLC will pay $17.12 a share — a nearly 31 percent premium over the Dallas-based club company’s Friday closing price of $13.10, according to ClubCorp’s announcement of the deal. Apollo is one of Wall Street’s largest private equity firms, with $197 billion in assets under management.

Under pressure from an activist investor and a short seller since last year, ClubCorp’s board of directors hired Jefferies and Wells Fargo & Co. to evaluate strategic alternatives that would “enhance shareholder value.” The board said it discussed a wide range of possible transactions with “a wide array” of suitors.


It's on us. Share your news here.

Submit your stories and articles to citybizlist today.