Bain Capital Strikes Deal for Clearlake-Owned Concert Golf
TL;DR
Bain Capital is acquiring Concert Golf Partners from Clearlake Capital in a deal valuing the golf club operator at over $1.3 billion. Clearlake is fully exiting after expanding the company through 14 acquisitions since 2022.
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Buyout firm Bain Capital is acquiring private golf club operator Concert Golf Partners from Clearlake Capital.
Bain’s private equity and real estate strategies are investing in Concert Golf, which owns and operates 39 locations across the US, according to a statement reviewed by Bloomberg News.
While financial terms weren’t disclosed, people familiar with the matter said the deal values Concert Golf at more than $1.3 billion, including debt. Clearlake is fully exiting its position.
Representatives for Clearlake and Bain declined to comment on the valuation.
Clearlake first invested in Lake Mary, Florida-headquartered Concert Golf in 2022. Under its ownership, the company made 14 acquisitions, including The Club at New Seabury on Cape Cod, a 300-acre club on the coast of the Nantucket Sound.
Golf, coming off a popular run during the pandemic, has long searched for growth beyond its aging user base. Private equity firms have been rolling up courses for years.
Invited, which changed its name from ClubCorp in 2022 and is backed by Apollo Global Management Inc., is the largest US golf course operator. It’s followed by Dallas-based Arcis Golf, which is also backed by private equity.
Moelis & Co. and Wachtell Lipton Rosen & Katz advised Clearlake and Concert Golf, while Goldman Sachs Group Inc., Rothschild & Co. and Kirkland & Ellis LLP advised Bain, according to the statement.