Private equity firm Parthenon Capital Partners has completed the sale of portfolio company Sequoia Golf Holdings to ClubCorp for approximately USD265 million.
Headquartered in Atlanta, Georgia, Sequoia owns or operates 50 private clubs, semi-private and resort golf facilities located across the US.
Its portfolio includes the world-class 63-hole Woodlands Country Club located in the master-planned community of The Woodlands, Texas, a collection of four Atlanta-based premium high-end Sequoia clubs, 25 private Canongate clubs and a select group of golf properties managed for institutional owners, corporations, private investors and equity memberships.
The company began operations in 2003 with the acquisition of seven local courses south of Atlanta and grew every year since inception through organic and acquisitive growth initiatives.
“On behalf of our entire team, I’d like to thank Parthenon Capital Partners for their support and involvement over more than a decade,” says Joe Guerra, president and CEO of Sequoia, who is continuing with ClubCorp as senior advisor. “We’re proud of the company we built and look forward to continuing to excel in the years ahead as part of the ClubCorp family.”
“We are very pleased we had the opportunity to work alongside Joe and the Sequoia team since our initial investment in 2003 and are proud of all of the company’s accomplishments,” says Bill Winterer, a partner at Parthenon Capital. “The outcome validates our long-term orientation, ability to work and create strong alignment with management and our disciplined consolidation and operating strategy, all of which contributed to the company’s growth though the financial crisis while many other operators were exiting the industry. Sequoia is a special company and we wish them the best of luck going forward.”
Sequoia Golf and Parthenon Capital was advised by Robert W Baird & Co, Deloitte Corporate Finance, Kirkland & Ellis LLP and Greenberg Glusker.
