This week’s edition is another reader request—thank you! If there’s a topic you’d like me to explore, drop me a note at [email protected].
Hope everyone is enjoying the U.S. Open (which looks brutally difficult based on the latest Grant Horvat YouTube video) and Father’s Day weekend.
PE Playbook: Golf
State of Play
The U.S. golf course industry has quietly consolidated over the last two decades, with a growing number of courses now controlled by private equity-backed platforms:
- Invited (formerly ClubCorp): 200+ courses | backed by Apollo
- Arcis Golf: 70+ courses | backed by Fortress / Atairos
- Heritage Golf: ~40 courses | backed by KSL Partners
- Concert Golf: ~35 courses | backed by Clearlake
- Troon (outsourced operator, not owner): 600+ courses under management | backed by Leonard Green / TPG
This is a stark change from twenty years ago, when most courses were independently owned or municipally run. But starting in the early 2000s, private equity began a steady roll-up campaign. Let’s look at the thesis behind it and a case study.