Sequoia Golf, owner of the Canongate Golf Clubs, has sold its stock and assets to ClubCorp for $265 million. Sequoia CEO Joe Guerra said ClubCorp plans upgrades to the Sequoia facilities.
Sequoia’s holdings include the Canongate properties in Fayette and Coweta counties and owns or operates more than 50 private clubs, semi-private clubs and golf resort facilities located across the U.S.
ClubCorp is a publicly traded company and a leading owner-operator of private golf and country clubs as well as business, sports and alumni clubs in North America, according to a press release.
“Our sale to ClubCorp is very exciting for Sequoia and its members,” said Guerra, who will serve as a senior advisor to ClubCorp. “ClubCorp is known for maintaining extremely high standards in club management and investing to improve members’ experience. Specifically, their leadership with club reinventions, compelling product offerings and growth via acquisitions serves as a strategic fit for our company.”
As for the Canongate clubs in Fayette and Coweta, Guerra said nothing will change, including the name.
Guerra referenced comments by ClubCorp CEO Eric Affeldt who said recently that his company plans spending tens of millions of dollars on upgrades at Sequoia courses.
“We selected this shift in ownership because it is going to be best for the immediate and long-term interests of Sequoia and Canongate, leading to greater opportunities for its staff and club members. In fact, members can expect many new benefits and service improvements in the next several months,” said Guerra.
Guerra said the deal with ClubCorp provides Sequoia with increased capital to modernize its properties and resources to offer more robust programming and services to its members and their families. It also creates a highly competitive growth platform and unprecedented access to acquisition opportunities for the company, he said.
Sequoia was created by Guerra and its founding partner Parthenon Capital, which has worked with the company since its inception. Launched in 2003, Sequoia acquired the original seven Canongate properties in south Atlanta for approximately $55 million from the Patten Seed Company that was controlled by the Roquemore family. Since then, Sequoia has grown to include 50 owned and leased golf and country clubs, and managed clubs throughout the U.S.
ClubCorp Holdings, Inc. is a publicly-traded company on the New York Stock Exchange (NYSE: MYCC) with a market cap of over $1 billion and 150 assets worldwide. ClubCorp owns or operates a portfolio of approximately 160 golf and country clubs, business clubs, sports clubs, and alumni clubs in 25 states, the District of Columbia and two foreign countries that serve over 370,000 members, with approximately 15,000 peak-season employees. ClubCorp properties include Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, Calif.); Capital Club (Beijing); and Metropolitan Club (Chicago).
For more information on ClubCorp, visit www.clubcorp.com.
