Deals
Apollo Makes $1.1 Billion Wager That Golf Remains a Cash Cow
- Private equity firm agrees to buy golf-club operator ClubCorp
- Properties include Mission Hills, Woodlands and Firestone
Why Apollo Is Making a $1.1 Billion Wager on Golf
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Apollo Global Management LLC is betting that the beleaguered golf industry is finally getting out of the rough.
The private equity firm agreed to pay $1.1 billion for ClubCorp Holdings Inc., a country-club operator whose properties include California’s Mission Hills and the Woodlands in Texas. Apollo is gaining hundreds of thousands of members in the bargain, providing a steady source of cash.