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Apollo weighs bringing golf chain ClubCorp public

Kimberly Chin
Apr 15, 2022
Illustration of a U.S. quarter on a golf tee

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.

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