TPG and Leonard Green & Partners are exploring a potential sale of US golf course operator Troon Golf in a deal that could value the business at more than $2bn, according to a report by Bloomberg.
The private equity firms have reportedly appointed investment banks to gauge buyer interest in the Scottsdale, Arizona-based company, although no final decision has been made and the owners could ultimately retain the business.
TPG acquired Troon in 2021 alongside Symphony Ventures, the investment vehicle of professional golfer Rory McIlroy. Other investors include golfer Justin Thomas and investment banker Jimmy Dunne.
Founded in 1990, Troon has grown into one of the world’s largest golf and club management companies, managing more than 825 locations, including high-profile courses such as Kapalua Resort in Hawaii and Tobacco Road in North Carolina.
The potential sale follows increased private equity activity in the golf sector. Earlier this month, Apollo agreed to sell Invited Clubs, one of Troon’s largest competitors, to KSL Capital Partners in a transaction reportedly valued at $3bn. Last year, McIlroy and TPG also launched TPG Sports, a dedicated sports investing platform backed by a capital commitment from Abu Dhabi-based alternative investment manager Lunate Capital.
