By Abigail Summerville
Dec 11 (Reuters) – Apollo Global Management is exploring options, including a sale or initial public offering, for Invited that could value the operator of golf and membership clubs at more than $3 billion including debt, according to sources familiar with the matter.
Investment banks JPMorgan and Wells Fargo are working on the process, the sources said, requesting anonymity because the talks are confidential.
Apollo, JPMorgan and Wells Fargo declined to comment.
Apollo took the company, formerly known as ClubCorp, private in 2017 for a $2.2 billion enterprise value. The Dallas-based company rebranded itself to Invited in 2022.
Invited has over 200 clubs across the U.S. including golf and country clubs, city clubs and clubs within college football stadiums. Marquee clubs include The Metropolitan Club in Chicago, Firestone Country Club in Akron, Ohio and The Woodlands Country Club in Houston, Texas. Members pay monthly dues, typically hundreds of dollars, after an initiation fee.
There has been a flurry of golf-related and membership club acquisitions this year.
Just last month, Bain Capital announced a deal to buy golf and country club operator Concert Golf, and Leonard Green & Partners agreed to buy a majority stake in the TopGolf business from TopGolf Callaway Brands. Earlier this year, high-end club operator Soho House agreed to be taken private for $2.7 billion by a group led by MCR Hotels that includes actor Ashton Kutcher and Apollo.
(Reporting by Abigail Summerville in New York; Editing by David French and Deepa Babington)
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