Apollo weighs bringing golf chain ClubCorp public
- Kimberly Chin, author of Axios Pro: Retail Deals
Illustration: Annelise Capossela/Axios
Apollo Global Management is considering bringing country club operator ClubCorp public through an initial public offering as early as this year, Bloomberg reports, citing sources.
Why it's the BFD: Valued at around $4.5 billion, a potential public market debut would come at a time when the golfing industry is seeing a flurry of deal activity, thanks in part to the pandemic.
- The golf giant Callaway acquired the rest of sports entertainment company Topgolf, a driving range chain, in an all-stock deal valued at roughly $2 billion. The transaction closed early last year.
- Vista Outdoor, the outdoor recreation and shooting sports products maker, acquired Foresight Sports, a golf simulator maker, in September.
Flashback: Apollo took the company private in 2017 for about $1.1 billion, excluding debt.
Between the lines: The pandemic helped bring a resurgence in the outdoor sport with “unprecedented recreational play in 2020,” according to the National Golf Foundation.
What they’re saying: A ClubCorp representative couldn’t immediately be reached for comment.