Apollo World Administration Inc. is weighing an preliminary public providing as early as this yr for Dallas-based ClubCorp, the nation membership operator it took personal in 2017, in response to individuals conversant in the matter.
The personal fairness agency is working with advisers on a course of for the Dallas-based firm, mentioned the individuals, who requested to not be recognized as a result of the matter is personal.
The corporate may very well be valued at about $4.5 billion in an IPO, one of many individuals mentioned. Apollo paid about $1.1 billion for the corporate, excluding debt, in response to knowledge compiled by Bloomberg.
No closing determination has been made and the timing or valuation of the itemizing might change, the individuals mentioned. A spokesperson for ClubCorp didn’t instantly reply to Bloomberg’s request for remark. A consultant for Apollo declined to remark.
ClubCorp owns or operates greater than 200 golf, nation, sports activities and different kinds of golf equipment with greater than 430,000 members. Its programs are among the most well-known in golf, together with Pinehurst in North Carolina, Firestone in Ohio and Mission Hills in California.
In Dallas-Fort Price, ClubCorp’s portfolio features a dozen golf equipment, resembling Gleneagles in Plano, Stonebriar in Frisco and TPC Craig Ranch in McKinney. It was based in Dallas in 1957 by Robert Dedman Sr.
Golf loved a resurgence of curiosity throughout the coronavirus pandemic, which led to some dealmaking within the house.
Callaway Golf Co. acquired Dallas-based driving-range chain Topgolf Leisure Group final yr in a deal valued at $1.9 billion, whereas sporting-goods firm Vista Outside Inc. agreed to purchase golf-simulator maker Foresight Sports activities.
In 2018, ClubCorp purchased a controlling curiosity in Topgolf competitor, BigShots Golf, and final yr opened its first Texas location north of Fort Price close to Texas Motor Speedway. Final week, BigShots Golf introduced it’ll open a location at Ohio’s Firestone Nation Membership later this yr.