ClubCorp Holdings, Inc. & Affiliates of Certain Funds Managed by Affiliates of Apollo Global Management, LLC Announce the Clo...
September 18 2017 - 04:15PM
Business Wire
ClubCorp Holdings, Inc. (“ClubCorp” or the “Company”) and
affiliates of certain funds (the “Apollo Funds”) managed by
affiliates of Apollo Global Management, LLC (together with its
consolidated subsidiaries, “Apollo”) (NYSE: APO) today announced
the successful completion of the previously announced transaction
amongst the parties, whereby affiliates of the Apollo Funds
acquired all of the outstanding common stock of ClubCorp.
On July 9, 2017, ClubCorp and Apollo announced that ClubCorp and
certain affiliates of the Apollo Funds had entered into a merger
agreement whereby upon completion of the transaction, ClubCorp
stockholders were entitled to receive $17.12 per share in cash in
exchange for their shares of ClubCorp common stock, which
represents an aggregate transaction value of approximately $1.1
billion and an enterprise value of $2.2 billion including debt. As
a result of the transaction, ClubCorp’s common stock will no longer
trade on the New York Stock Exchange and be delisted.
John Beckert, Chairman of the Board of ClubCorp, said, “We are
pleased to have completed the transaction with the Apollo Funds and
for ClubCorp to begin this new chapter. Apollo shares our Company's
vision to continue to advance ClubCorp's position as the world
leader in private clubs and as a provider of premier services,
unrivaled benefits and extraordinary experiences to members and
guests of ClubCorp's family of clubs.”
“We are excited for our funds to be acquiring ClubCorp,” said
David Sambur, Senior Partner at Apollo. “We look forward to working
with ClubCorp’s outstanding management team and talented employees,
who have built a best-in-class member-centric business that
delivers exceptional experiences. We plan to leverage Apollo's
resources and expertise while working with ClubCorp’s dedicated
team to continue to grow the business and provide the highest level
of service and club offerings to members.”
Jefferies LLC and Wells Fargo Securities / Eastdil Secured acted
as financial advisors to the Company and Simpson Thacher &
Bartlett LLP acted as legal counsel.
Financing for the transaction was provided by Citigroup, Royal
Bank of Canada, Barclays, Credit Suisse and Deutsche Bank.
Citigroup acted as lead financial advisor to Apollo, and other
financial advisors include RBC Capital Markets, LLC, Barclays,
Credit Suisse and Deutsche Bank. Paul, Weiss, Rifkind, Wharton
& Garrison LLP acted as Apollo’s legal counsel.
About ClubCorp
Since its founding in 1957, Dallas-based ClubCorp has operated
with the central purpose of Building Relationships and Enriching
Lives®. ClubCorp is a leading owner-operator of private golf and
country clubs and private business clubs in North America. ClubCorp
owns or operates a portfolio of over 200 golf and country clubs,
business clubs, sports clubs, and alumni clubs in 28 states, the
District of Columbia and two foreign countries that serve over
430,000 members, with approximately 20,000 peak-season employees.
ClubCorp properties include: Firestone Country Club (Akron, Ohio);
Mission Hills Country Club (Rancho Mirage, California); The
Woodlands Country Club (The Woodlands, Texas); Capital Club
Beijing; and Metropolitan Club Chicago. You can find ClubCorp on
Facebook at facebook.com/clubcorp and on Twitter at @ClubCorp.
About Apollo
Apollo is a leading global alternative investment manager with
offices in New York, Los Angeles, Houston, Chicago, St. Louis,
Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai,
Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under
management of approximately $232 billion as of June 30, 2017 in
private equity, credit and real estate funds invested across a core
group of nine industries where Apollo has considerable knowledge
and resources. For more information about Apollo, please visit
www.agm.com.
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For investor inquiries regarding Apollo, please contact:Apollo
Global Management, LLCGary M. Stein, 212-822-0467Head of Corporate
Communicationsgstein@apollolp.comorNoah Gunn, 212-822-0540Investor
Relations Managerngunn@apollolp.comorFor media inquiries regarding
Apollo, please contact:Rubenstein Associates, Inc. for Apollo
Global Management, LLCCharles Zehren,
212-843-8590czehren@rubenstein.comorClubCorp:Investor
Relations:clubcorp.investor.relations@clubcorp.comorMedia
Relations:Joele FrankAndrew Siegel / Jonathan
Keehner212-355-4449MYCC-JF@joelefrank.com
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