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ClubCorp completes Sequoia Golf acquisition, adds 50 owned and operated clubs to industry-leading portfolio

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ClubCorp plans to invest significant capital on reinvention projects to Sequoia properties, which includes varied improvements to golf course and practice facilities, newly created or updated indoor and outdoor dining and social features, family-friendly pool amenities and enhanced fitness facilities.
DALLAS - ClubCorp announced it has completed its acquisition of Atlanta-based Sequoia Golf, adding 50 owned and operated clubs and increasing its portfolio of private clubs by 30 percent. Sequoia Golf adds nearly $100 million in LTM revenue and pro forma annual adjusted EBITDA of $29 million to $30 million with anticipated annualized cost synergies.
 
Sequoia Golf expands ClubCorp's presence in Atlanta and Houston – including the addition of The Woodlands Country Club in Houston, site of the PGA Champions Tour Insperity Invitational – and adds Denver and Chicago as new markets. Including the acquisition of Sequoia Golf, ClubCorp has added 56 new owned and operated clubs to its portfolio from the start of this year.
 
ClubCorp plans to invest significant capital on reinvention projects to Sequoia properties, which includes varied improvements to golf course and practice facilities, newly created or updated indoor and outdoor dining and social features, family-friendly pool amenities and enhanced fitness facilities. Since 2007, ClubCorp has invested more than $410 million on reinventions, renovations and improvements to its existing portfolio of golf and business clubs.   
 
"We are very excited about the addition of the Sequoia Golf properties to ClubCorp's portfolio," said Eric Affeldt, ClubCorp President and CEO. "We are in the membership business and this acquisition includes more than 27,000 memberships, which – because of our Network reciprocal-use program – presents tremendous benefits and value to our current members and the members of Sequoia clubs."
 
"ClubCorp, with its high standards in operations, expanding network of reciprocal privileges and product offerings, and leadership in club reinventions, was strategically the best fit for our company," said Joe Guerra, Sequoia president and CEO, who will serve as a senior advisor to ClubCorp. "This move will be highly beneficial for Sequoia and to our members."
 
The addition of Sequoia Golf expands ClubCorp's portfolio of private clubs from 159 to 209 – making ClubCorp's portfolio of owned and operated clubs nearly five times the size of its next largest competitor. With golf, business, and sports club properties throughout the US, Mexico, and China, ClubCorp offers more opportunities for members to connect, play, work, host and celebrate life's moments. Benefits members may elect to enjoy include ClubCorp's unique O.N.E. program, which provides value-oriented benefits at the Member's home club, in their Community and Worldwide. Worldwide benefits include complimentary green fees and complimentary dining when traveling to now more than 300 private clubs and access to more than 1,000 hotels, resorts and entertainment venues.
 
ClubCorp funded the $265 million acquisition of Sequoia Golf with $250 million in incremental term loans. Citigroup Global Markets Inc. and Deustche Bank Securities Inc. acted as lead arrangers for the syndication of the incremental term loans. Stephens Inc. and Citigroup Global Markets Inc. acted as financial advisors to ClubCorp on the Sequoia Golf acquisition. Robert W. Baird & Co. Incorporated acted as financial advisor to Sequoia Golf.
 
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