Apollo Eyes $4.5 Billion Golfing Chain ClubCorp IPO

(Bloomberg) – Apollo Global Management Inc. is considering an initial public offering as soon as this year for ClubCorp, the country club operator it took private in 2017, according to people familiar with the matter.

The private equity firm is working with advisers on a process for the Dallas-based company, said the people, who asked not to be identified because the matter is private. The company could be valued at around $4.5 billion in an IPO, one of the people said.

Apollo paid about $1.1 billion for the company, excluding debt, according to data compiled by Bloomberg. No final decision has been made and the timing of the listing assessment could change, the sources said.

A ClubCorp spokesperson did not immediately respond to a request for comment. A representative for Apollo declined to comment.

ClubCorp owns or operates more than 200 golf, country, athletic and other clubs with more than 430,000 members, according to its website. Golf has seen a surge in interest during the coronavirus pandemic, which has led to deals in space.

Callaway Golf Co. acquired driving range chain Topgolf Entertainment Group last year, while sporting goods company Vista Outdoor Inc. has agreed to buy golf simulator maker Foresight Sports.

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