Private equity firm KSL Capital Partners has agreed to acquire Invited Clubs, a US operator of golf, country and city membership clubs, in a transaction valued at about $3bn including debt, according to a report by Reuters citing unnamed people familiar with the matter.
The deal would see KSL return as owner of the business it previously controlled. The firm originally acquired ClubCorp in 2006 for $1.8bn and later took it public in 2013, before the company was taken private again in 2017 by Apollo Global Management in a deal valued at $2.2bn. Apollo has since been reported to have been exploring strategic options for the business, including a potential sale or IPO.
KSL, Apollo and Invited Clubs all reportedly declined to comment.
Invited operates more than 150 private clubs across the US, spanning golf and country clubs, city-based venues and locations integrated into sports stadiums. Its membership base exceeds 300,000, according to company materials. Properties in its portfolio include The Metropolitan Club in Chicago and Firestone Country Club in Ohio. Members typically pay monthly dues following an upfront initiation fee.
The company, which rebranded from ClubCorp to Invited in 2022, has been active in a sector that has seen increasing transaction activity in recent years.
Recent deals include Bain Capital’s acquisition of Concert Golf, Leonard Green & Partners taking a controlling stake in Topgolf’s entertainment business, and the $2.7bn take-private of Soho House led by MCR Hotels with participation from Apollo and other investors.
KSL, which focuses on investments in travel, leisure and hospitality, also owns Heritage Golf Group and has interests across resorts and experiential assets, including Fairmont Grand Del Mar in California and Alterra Mountain Company, operator of the Ikon Pass ski network.
