Apollo weighs bringing golf chain ClubCorp public
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.