Korean PEF Centroid owns U.S. upscale golf course operator with Clearlake Capital

2022.09.19 11:44:03 | 2022.09.19 15:20:28

[Source: Concert Golf Partners]이미지 확대

[Source: Concert Golf Partners]

Korean private equity firm Centroid Investment Partners (Centroid) has become co-owner of Concert Golf Partners, a boutique operator of 25 renowned private golf and country clubs in the United States, with global investment firm Clearlake Capital (Clearlake).

Centroid and Clearlake acquired Concert Golf Partners for about 500 billion won ($361 million) from global investment house Blackstone, according to industry sources on Sunday. Centroid became the second largest shareholder of a special purpose company that owns Concert Golf Partners by putting up 100 billion won pooled from the Korea Federation of Community Credit Cooperatives and other Korean institutional investors.

It is Centroid’s second major acquisition deal made in the global golf market. The Korean PEF took over TaylorMade Golf, one of the world’s leading golf equipment manufacturers, last year. Since then, the company has actively pursued further investment opportunities through its newly opened office in San Diego, U.S.

Clearlake is an investment firm headquartered in Santa Monica, U.S., and has over $70 billion of assets under management. The PEF is focused on the industrials, technology and consumer sectors, and recently began expanding its investment in the sports sector. The company this year acquired Chelsea Football Club in a consortium deal.

Initially, Centroid and Clearlake separately vied for Concert Golf Partners. After Clearlake won the buyout deal, Centroid approached Clearlake to negotiate a share in the deal.

Centroid reportedly plans to provide Taylormade’s special golf services to the strategic partner.

Concert Golf Partners operates 25 upscale private golf and country clubs including MacGregor Downs Country Club in North Carolina, U.S. where the 1973 U.S. Professional Match Play Championship was held and the Country Club at Woodmore in Maryland with an 18-hole golf course designed by legendary professional golfer Arnold Palmer.

By Kang Doo-soon, Cho Yoon-hee and Cho Jeehyun

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